Reel Maintenance

I bought a small tub of penn grease for 6 quid. I have 3 and soon to be 4 reels and i won't even use the amount of grease you get in my lifetime. So it's a bargain really.

the grease i use is ACF corrosion block which is a silicone based grease. you can get it in little tubes or 1lb tubs.
Oil wise it depends on the application. for level winds and handles i find 3in1 is perfectly suitable.
for spool beaings it depends on the actual reel model as all reels run different. you can use any oil you want. its what you find suitable for you. i use anything from red rocket fuel to 20/50 engine oil right up to EP90 gearbox oil. There is a shimano service centre up the road from me and he only uses normal multipurpose molybedinum based car grease

I'm in agreement with KrazyKev. Currently using up a tube of Yamaha marine blue grease, then I'll be onto the ACF. Blakdog sells the excellent TSI 321 thats ideal for faster spool bearings, I really like it in 7htMags etc

I use Penn reel greas for the gears in my reels, TG Gear Liquid Grease for the bearings in the gearbox and 2 drips of Red Rocket Fuel for the spool bearings (applied with the side shields removed after cleaning with lighter fluid). Works for me. Smooth, and spool is nice and fast, but not ridiculously fast