Cut, I am pretty sure that reel does not have the "stopper" bearing in the crank so it will have a little backlash in the gears like most all reels use to have. David Fritts once said he wouldn't fish with a crankbait reel with the anti-reverse gizmo in there. The reel has no frills and is most likly akin to the Lew's reel that I have if I am not mistaken. Lube it up with some hot sauce and get to work.
You didn't do too bad on that! congrats!
That all ya got from the fella?