For me, the answer is no. An old reel should look old ...it should appear to have age. So, when cleaning an old reel its all about knowing when to say when. Its about making the reel clean enough to show detail and craftsmanship without giving it that made-yesterday look.
Here is an example of what I mean in the way of some before and after pictures of a Montague "Trout" reel that recently passed through my hands. I did not take "before" pictures, so will use the seller's photographs:





Here is what the reel looked like after I cleaned it:



As you can see, I left a matte-type finish on the nickle-silver parts, rather than shinning them ...I even left some light tarnish in a few spots. While I did not buff/polish the hard-rubber, I brought it from its faded brown back to black. I also left the tiny nicks in the top of the foot. I could have wet-sanded them off, but these are time-honored scars and proof that the reel was fished. It always saddens me to see a great reel that appears to never have been used. What a shame.
So, what are your thoughts on cleaning reels? Do you have any examples of your work?
Thanks.
Dean.