Doug: nothing wrong w/ the internals of a penn - quality metal which will not decay or corrode. The 4400 had "antireverse dog" problems - a small brass part in the housing which locked the spindle for anti reverse. It floated on a graphite pin with a apring above that; the whole assemblage was prone to coming apart and giving that famous Penn 4400 antireverse that took two or three clicks to engage.
Penn redesigned it so the dog was somehow locked onto the graphite pin and would not work free. My two reels which have taken incredible abuse no longer have the antireverse problem since I have had that part replaced.
As to the line under the knob - my metal washers probably are warped as I take them off, take out the brake pad drag and wash it all each weekend. I'll check out your suggestion this weekend and see if it solves things. I've just learned w. the 4400 to engage the reel just a split second before the lure hits the water to avoid the slkack which causes the loop.
But is sure sounds like I have to try one of these diawa Black gold reels; lots of good things being said about them; I also used a couple down in Fla for snook and redfish and liked them a lot. I've used the Shimao Stradic's and had a sense they were just too light for my type of hard use and abuse; part of this opinion may be from two older and dead shimano's on my shelf downstairs.