I just finished putting the Penn reels back together, and boy was it fun. Not as bad as I thought though. The kerosene did the trick to take off all the green electrolosis and cut the grease very well. The downside is that it stinks up the room easily. I really had to scrub out the heavy grease buildup and then replace it with new.
Note to anyone doing this.....
Pay close attention to the two very small ball inserts that keep the drag knob from over turning. They are located on the side of aluminum base that hold the bearing. They usually don't fall out when the real is dirty, but if it is fairly clean they can fly accross the room when you bang out the bearing to clean. I ended up replacing many screws since they were several years old, some of the plastic rings because they have been crushed, two bearings, and rod clamp studs. Not to bad after one season. Next year they will all need bearing most likely, and drags.
Hope this helps for anyone thinking about taking down their reels. If you have any questions please feel free to ask. There is plenty of guys here to assist you and I will always be glad to chime in.
I'm sure that is happening across the world right now. Un-happy fishing girlfriends and to think- the season hasn't started for most of us yet.
You know what really gets me is when you have the reel all back together all but a few screws and you see a washer that you forgot to put back. Heck I already forgot to put in a bearing. Not fun. I find it to happen towards the end of the pile, when you start to go faster.