To get into the tighter spots use some steel wool.
Now all the parts have been sanded pour some of the wax and grease remover onto a rag and clean everything thoroughly.
Mask up anything you don't want to get paint on (ie anything that wasn't painted to begin with.)
Spray on two or three light coats of primer following the instructions on the can. Getting spraying right is tricky and is hard to explain so it might be a good idea to practice on something else first.
Let the primer dry according to the instructions.
When the primer is dry check there are no runs or lumps, if there are sand them back lightly until they are gone then apply another light coat.
Apply 2/3 coats of colour depending on how well the paint covers, wait around 30 min between coats possibly longer if it is cold.
Then if you want apply 2/3 coats of clear again waiting between coats.
Wait until all the parts have completely dried (usually overnight is good enough although care must be taken for the first couple of weeks after painting as the paint will be quite soft) and re-assemble.I cleaned and re greased/oiled everything while I was at it.
Here is the result, not perfect or in my opinion the best choice of colour but in the end I'm happy with it. A cheap reel that now looks OK and works as new.
IMO the photos don't really do it justice
Edit: I originally posted this on another forum with a slightly different audience, please excuse my somewhat warped sense of humor.......