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Yes, greasable washers are much smoother, especially if they get wet. As for the penn 500 specs, I can't say I've ever seen one put down 15lbs of smooth drag.
I agree with jim, those newer Graphite bodied (sealine, shimano TLD's, Penn 525, 535, 545, 555) reels are the best for the yak and at around $60 used they are a bargin.....easy/cheap to DIY service, tough as nails.
I was into modifying the 500/505's a couple years ago, mostly cause thats what i had....then someone "gifted" me a seized penn 545, I opened it replaced 2 bearings and it was like new!! I was blown away at the shaft size differece, gears, bearing, drags...everything!!! and still so lightweight and simple!
A bench drag test against my favorite 505 took away any doupts, the penn 545 had much higher drag#s and was WAY smoother in the higher 10+lb numbers. It was then i realized I needed to switch things up....good thing those accurate and newell penn 500 parts hold their value pretty well.
Overkill? maybe....but I have been in a few situations in LJ where I felt a little undergunned with 40lb mono and a reel that puts down 20lbs of drag...recently I went 1/3, our group went 3/10 on some brute yellows, needless to say a few 500's and spools of 30lb mono went in the trash that day!!
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