I used to use lighter fluid to clean the bearings but it leaves a bit of white residue,
I was told by one of the tournament casters to us brake cleaner as it leaves no residue leaving the bearings cleaner, you can go one step further and take the clip from the side and the cover off then clean them its surprising how much more crap comes out, then I put rocket oil in either yellow or tournament oil, but only a drop or 2 if you dont want the reel to run as fast or your not 100% confident with the reel the red oil woild be better or even a drop of light general purpose oil would be sufficient if your not wanting to tryn hit the horizon