Graphite is a dry lubricant for locks and door hinges and other applications including well polished speed-demon pinewood derby wheels.
I wouldn't suggest using it to lubricate your reels though. To get the proper lubricating qualities from a graphite powder lube, you would have to totally degrease your reel and apply the graphite. It really wouldn't do a proper job of lubricating all the internal parts, springs, slides and gears.
Use a good name brand reel lubricant from Penn, Abu, etc. Or use a thin lithium/silicone type grease, but stay away from the heavy marine greases that are really thick and super sticky.
Taking care of a reel and cleaning and relubing it every year or so, will make it last for years. If you happen to take it out and drop it in the sand or it gets submerged for a long time, take it home and clean it.
There is lots of information out there on the web about cleaning a reel. Kits can be purchased that have everything you need from solvents to oil and lube, brushes and cotton swabs. If you are unfamiliar with your reel, take photos as you dissemble it. You can even find the parts and schematics for your reel on the manufacturer's website or a reels parts website. Just do a web search for the brand and model.
Anyhow, have fun. I have quite a few reels from a 45 year old Pflueger spinning reel to several old Ambas

eurs and a variety of other spinning and casting reels. Many of my reels are well over 25 years old and working great. They are all pretty simple to take apart and repair and lube up. Often broken parts can be replaced if the reel or similar models are still manufactured. Sometimes you can find parts on eBay or a parts reel. Quality reels are always worth it since they will last for many many years.[reply][/reply]
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