I'm working on cleaning up an old 1960s silaflex rod (a related post in the fly rod forum) and a southbend reel #1110
What's the right lube for it? I was thinking white lithium grease, but don't really know. Friction betwee the frame of the reel and the spool definitely affects performance on this reel and the lube would likely come into contact with the fly line.
Here's a link to an old thread that has an older southbend for illustration. The friction between the purple frame and the silver spool is why I need to lube. You can see from the holes in the spool that the lube might come into contact with the line and backing.
Now, the other question: Is it ok to repaint them as far as value? It's not exceptionally collectible, and looks old and cool as is, but a paint job might be in its future. Mine is roughly in that same condition, maybe a little more wear.