I seem to remember that these line guides are chrome plated. Therefore, I would polish it with a polishing disc chucked in a variable speed drill or dremel tool loaded with some rouge. This should clean it up and give you a nice, new looking finish on the line guide.
I would use Mothers Alum. & chrome polish.
You can get it at any auto store. I would avoid power buffing until you try hand rubbing first.
I do not know how thick the plating is. It would
be a shame to buff through it.
If your #1 is one of the "oldies" the line guard is made of nickle silver,it just gains a nice patina.The corrosion is probably on the frame itself,right where the screws are threaded into the frame ,no? If THAT'S the case,it's caused by electrolytic action between the disimilar metals. I'd just gently clean out the "powdered aluminium,use some Locktite,and continue using a very fine reel !!. There are two places on the West coast that CAN fill in the frame,re bore and thread the holes,repaint and restore the reel to perfection.
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