Re: Restoring an old reel and rod
On the reel, You would probably be alright to use a very mild solvent, but I would keep it on the mild side.
On the rod, be gentle with your cleaner selection there as well. I would try something like orange oil first to try to remove the junk. Be especially careful around the thread wraps for the guides, as removing the sealer on that would cause the most problems down the road.
You may have a gem of a rod there, I seem to recall in my research on Glass rods that the pre-Browning Silaflex rods are prized by many.