Larry, if you don't want to use solvents because of noxious fumes or whatnot, use gojo hand cream (the white stuff in the round tub) to remove old grease from gears and the like. What's great about this is the gojo bonds to the grease like soap does, and everything washes out in the sink.
A toothbrush helps when you're scrubbing with the stuff.
If you want to be really thorough, soak the gojo'd and washed parts in a bit of 70% isopropyl rubbing alcohol to remove any small amount of residue and evaporate the water.
Penn Reel grease on (cleaned) moving parts is fine. If you want to pack the reel housing with grease (for extra waterproofing), use marine grease which has the viscosity of motor oil. There might be a bit of leakage but it should be minor.
-WW
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