I got around to cleaning it a few evenings ago and was surprised and pleased to learn that all bearing sleeves in the reel (spool and handle sleeves) are lined by polished agate. I've never seen this in a reel before. After cleaning and reassembling, the reel is incredibly smooth with no handle or spool play. It operates comparable to the finest Kentucky reels that I have.
Has anybody seen agate- or jewel-lined bearing sleeves in other reels?
Here are some pictures of the reel after I cleaned it up and of the agate-lined bearing sleeves.

Exterior of the headcap, showing spool and handle bearing sleeves.

Interior of the tailplate, showing spool bearing sleeve.