I found this list of 10 elementary steps recommended to keep your reel working properly as listed by the Kilpatrick’s of Lake Fork Tackle Repair. They also offer a dvd titled Reel Maintenance Video II.
1. Assemble the proper tools before you begin. "You'll need two small screwdrivers — a slot head and a Phillips — along with a pair of tweezers and an old toothbrush. If you have the wrench and parts list that came with your reel, keep them handy, too."
2. Assemble the proper cleaning supplies. "We recommend a pan of hot water, Simple Green cleaning compound, Ronsonol Lighter Fluid, TG's Rocket Fuel Hi-Speed Reel Oil, Reel X and Super Lube Grease."
3. Take your reel apart properly. "When you take your reel apart lay out the parts on a mat of some sort. Put a strip of masking tape under the line of parts and number each part as you remove it from the reel. That way you'll be able to put everything back together without having parts leftover."
4. Hold your reel properly while disassembling and assembling it. "We recommend anglers hold the reel in their left hand and work with their right. That way everything stays oriented. But the really important thing is to always hold it the same. That way the parts will go back together easier."
5. Never put metal against metal. "Never put metal to metal when working on your reel. All reel parts are designed metal to fiber. Remember that."
6. Use tweezers to handle springs and wire clips. "That'll keep them from flying all over the place and maybe getting lost."
7. Remove or secure your fishing line before you remove the spool. "Either strip all the line off the spool or secure it with masking tape before you remove the spool from the reel. If you don't, the line will get caught between the spool and the frame and make removal very difficult."
8. Clean parts with Simple Green. "Never use gasoline or similar products to remove dirt and grease from your reel's parts. It'll melt plastics. Use a biodegradable product such as Simple Green and a toothbrush that won't hurt the plastic or fiber parts of the reel."
9. Grease gears. "Apply grease to the bottom of the teeth, not the top. Applying grease to the tops of the teeth will cause the gears to throw the grease everywhere. You want it in the bottom. Also, don't slop the grease all over the place; a light coating is all you need. We apply it with a toothpick or a small brush."
10. Oil bearings. "Clean bearings with lighter fluid. That'll remove all the dirt and grunge from them. After they're cleaned make sure they spin. That's very important because it'll tell you they're clean. Oil them with TG's Rocket Fuel — medium viscosity — one drop per bearing. Again use a toothpick."
For a more detailed list of tips and techniques offered by the Kilpatrick’s you can visit their website by clicking here.