Over the last year or so I've experimented unsuccessfully to improve the slightly jerky drag on my Okuma rear drag reel. (Probably to be expected on a small budget reel but it was a gift and the size / weight is ideal for what I want it for.)
As a last resort I tried graphite grease and it has made an amazing difference to the drag.
I know graphite grease has good high temperature properties and longevity. However it also reduces friction more than most greases so my main concern was it might reduce drag power too much.
Drag power is still more than adequate but it's now silky smooth.
Probably not something recommended for high class reels but it worked on this one.

In reply to Post #1
If it's felt washers you should really just oil them but as you say it's smoothed it out and you probably won't approach the drag's limit catching carp