I've never ever greased the drag. You may want to replace the felt
washers every couple of years. I was able to find replacement washers
for both my Penn reels (850SS and 704Z) at three locations within 10 miles
of my house. The felt washers get worn down after a while from cleaning them.
The others should clean up o.k. on their own. The Penns will last a long time
if you take care of them. Although the 704Z doesn't have the skirted spool,
which I like, it is probably the best deal for the money when it comes to
Penns.