In lieu of the old T-shirt / white cotton cloth rag, use a "microfiber" cloth/ rag. No lint sticks in the bearings, etc.
Separate any parts, like old fiber disc brake pads and clean well. Some old reels have soft brass bushings, just spray and clean. New stainless bearings, just spray with WD40, wipe and set aside. I do one reel at a time so I keep things in order.
Lube with reel oil, 3-N-1 oil, or sewing machine oil.
..Set the hook... Get the net...