I’m guessing you can use this for fishing reels too?
Only thing I would be worried about is how the fishing line might react to it. (since it’s not designed for reels) If you prevent it from getting on the line, it should be fine.
Penn reel oil works best for my fishing reels.
I got some Singer All Purpose Oil instead. It comes in a 4 oz bottle and cost me $2.50 at Joanns with a coupon.