Quinte Fishing

Do not use wd40 as a lubricant. It is a de-greaser. You can use it to clean parts but not great for lube.

Best thing to do is take apart the reel and clean everything using carb cleaner. Wd40 is fine too.

After you have it all cleaned up you can do a couple things. If you want to fully protect the whole reel, including casing, you should:

1) Oil all moving parts using a quality reel oil. Gears, springs, etc.
2) It is best to grease all bearings but oil will work as well. It will not last nearly as long or provide the same waterproofing though.
3) You will have to look up what is best for your specific drags. Some are meant to be dry, some with oil, others with grease. I use carbontex drags on all my reels and use a grease designed for drags.
4) Grease everything else, including your reel frame. Grease all screws that hold it together. This keeps water out and if water does get in protects things.

Next best thing is to just oil everything up in place.

Google alan tani reels and his site has specific recommendations for everything and tutorials on how to rebuild reels. You can usually find comparable products locally without ordering the specific ones he mentions online.