I'm thinking it's some kind of level wind but that doesn't even make sense.
I'm guessing it's some gizmo to guide the wire line on the spool so you don't mangle your fingers
It's a Reel-O-Meter by Oakland Mfg Co. It's used to let you know how much line you have out.
Ahh yes, the reel-o-meter, or that one "was" a reel-o-meter at one point in time. I use mine to descend rockfish. My descender is set for release at 150'. I go 160 just to be sure, and yes, it really is fairly accurate.
:al
Thanks guys, I thought it had something to do with the wire line.
Cool. Great idea Ted. Hate seeing 'em floating on the surface when guys toss 'em back. The sea birds like to peck at their eyes.