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Back then there were almost no good quality fly reels (the only high end stuff was either Fin Nor or Seamaster - and yes you'll still pay for one of them -even if it's almost fifty years old now.). I first got interested in fly fishing the salt way back in 1976 (and of course to get started, I built my first fly rod before I ever knew how to use it properly - but that's another story.). Late model Chinese 1598 spool that covers the reel frame so you can palm the spool. Pre 1950 frame with modification to remove part of the reel frame to install a leather palming patch( saw this in a 80’s saltwater fly rag) Here are a few pictures of my Johnny cash reel and what it has. I think these old reels need to be fished and can handle being beat around and keep on ticking. These reels are not super valuable aside from sentimental value so I would just use it as you see fit. To use every once in the while you will be fine as long as you care for it afterwards and don’t use it everyday.

The main place you will want to look for corrosion on the screws for the pillars that hold each side of the reel together. I use a drop of Shimano reel lube on the spindle once and awhile and It will spin like no other. Let it be noted that I do take very good care of my gear and wash it after use, don’t dunk it in saltwater, and let it dry good.

My favorite is my Johnny cash medalist as I call it because it’s got pieces and parts from medalist’s throughout their production years to make what is in my mind the perfect medalist. Like Finn said I have used a medalist in saltwater for quite a few years mainly on my vintage bamboo and fiberglass fly rods.