Armor all does work well, but not exactly great for the water environment. Loon make some good cleaners with a funny little device that you run the line thru, and not too expensive.
I guess it boils down to how often you use your line, the cost of the line ( i.e: if a SA or Cortland line then yeah clean....) but if a cheapy one - replace.
I have in the past used Armorall, I basically run the line thru a cloth soaked with AA, then place line in a med ziplock and spray the line in it again, leave it o/nite and then run thru cloth again, usually does a good job, but I use the loon
My 2 cents worth....