If the reel i going to be dunked, I would go with the Saragossa. Not because it's waterproof---it isn't---but because it's a simple design internally, and easy to tear down and clean.
If you go that route, throw some LocTite on the 6 screws that hold the drive shaft to the main gear.
Wise men speak because they have something to say; Fools, because they have to say something.
Threaded Mode