I recently purchased a 265 and 110N on eBay for $30 +freight. My main interest was in the 265 because these little guys fascinate me.
When reeling slow it was stiff but smooth. When I speeded up the reeling it had a definite rub going on.
I removed the spool and spool shaft then the rub disappeared. Is the spool shaft bent? A166477F-8CF4-4DCC-8555-4997CFDA1708.jpegF9DFFE61-FDE7-4323-BFD2-27E2093427CC.jpeg27BC5933-1A4C-4E31-A411-C45641D8FC0C.jpeg
Since you have the shaft out , check it with a straight edge or roll it on a table .
See if that is the problem . Than put shaft in a try that with out spool ,see how that goes .
Plus a Good Cleaning to get rid of all the Crap it could be Rubbing on in there .
Henry is right —-
It looks like the reel has been used in the salt or the sand.
A complete disassemble would be first.
Followed by a deep cleaning, removing all rust, crud, etc.
Then replacement of a few parts.
Then checking function —- determine if it is still rubbing, and where?
If it is rubbing on the inside walls of the rotor —- it is either a rotor wobble, out of round rotor due to damage, or the spool shaft.
If it is rubbing under the spool —- that is also easily addressed as a spacer or the trip mechanism or the ratchet rivet.
There are multiple remedies for any of these issues —- ranging from straightening the shaft, shaving the lower part of the spool, to replacement of parts.
Glad to help as you get into it.
Finished up eight 265 Microlites and a 110 over the last few days. Full restores including polishing all interior parts, new drags, knobs, springs, and bail springs. All nine received new wrinkle paint.
This is the last one of the group completed today. It was not quite as bad as yours —- but close. Considerable interior rust & crud. It was an eBay special.
Now it operates like it should.
Best, Fred