Clean any grease you or the former owner may have put in it, then try it again . Grease is the enemy of CP reels. If you still feel you want to change bearings contact Jim at centerpinangling.com and have him change the bearings for you.
Fish early or late in the day. Use roe bags or worms under a float and you should be able to catch some. If you choose to fish lures, then try skunk kiwkfish or mepps spinners or stick baits.
I use the San Diego Jam knot for attaching hooks or lures to my leader. (netknots.com ) . The polamar knot is just as good . For line to leader I use a triple surgeon's knot or back to back uni knots.