As far as the reel is concerned it should be thoroughly cleaned and then etch primed, then after that paint it with a good quality gloss colour paint of your choice.
Only after this fit new bearings onto the two shaft ends not forgetting the domed washer /spacers, making sure that they have the dome facing towards the reel.
Also when putting the bearing back onto the shaft make sure you only put force on the inner race and not the outer, making sure that the bearing fits snugly and isn't loose on the shaft. If they are loose then the shaft requires to be centre punched evenly around the bearing location area to stop the bearing spinning on itself.
Cheers,
BB.
