Hello Russell, ' tis a nice day today. 

 RT> What ways are recommended for truing/fixing stainless steel spools for
 RT> Penn  Fishing reels.

 Here is what I did when faced with the same problem. I stripped it down
 and carefully rapped the face against a hard surface to warp it back
 into shape. I had marked the rim where the lip was out of line first.
 It did not take much effort to make it right. And it kept its balance
 as there was no metal removed.

 Try it and let me know. I have 7 or 8 Penn reels, dating to 1948. Most
 of them are loaded with braided monel line. You can not find this any
 more. I use them still to troll for lakers.


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