My father-in-law dug this old reel out of the barn and gave it to me.  I was planning on cleaning it up trying to put it into service.  I know it's old and there are plenty of better reels out the and I have more than enough modern reels to use.  But I happen to have a matching fightin' rod not being used so I thought this could be a cool project combo.  

 

Anyhow the reel has a regular start drag adjuster and an additional knob between the handle and the start drag.  Turning either adjuster seems to affect the drag setting but not in any predictable way.  It always feels to lose or locked down. I imagine a good deep clean will help out.  But I really not sure how you're supposed to set the drag on this reel.  Does anybody have any experience with one of these old reels?

That concept from the late 80's was meant to give the angler both an adjusted and locked down drag. It was actually quite cumbersome to use.  Best bet is just to get your tension where you want it and don't try to incorporate both.  The touchy adjustment is probably due to the drag washers being shot. Carbontex washers might be available from Smooothdrag (no typo).

Thanks for your reply.  I took it out in the yard and made a few casts.  It did cast really well considering it's been laying in the barn for a decade or so.  I'll check on new drag washers. I really don't think I'll use it much but it's just kind of cool looking.