I don't remember when we serviced those last. But do me a favor, pull the spool out and wipe it off with a clean lint free rag. If you have the patients, take a tooth pick and wrap a little bit of cotton around it and run it through the pinion gear bore (where the spool slides into the reel). That should free the reel up quite a bit.
When it comes to spool braking, older reels do need to have the spool tension knob adjusted some. If you are getting a lot of back lashes, then you might need to tighten it a quarter turn. If you're not getting the casting distance you want, then back it out a turn.