I say a man can never have too many reels. If it reels smoothly, no real damage, functions/casts well, sure, it's worth oiling it up, putting it on a rod and using it for whatever you want.
Once that fishing bug really digs in, you'll probably buy another 1, 2 or even 3 reels just to have spares, and to set them out for catfishing all at the same time.
I cannot look at the ebay link from my job/school computer, so I'll have to check it out at home. Good stuff and good fishing.
Addendum: Finding an old reel is like finding your old baseball glove. You want to oil it up, restring it, and use it. There's nothing like bringing back old memories. I used to love going to Wards with my parents at Big Town in Mesquite. It was a blast! It makes me think of my parents as young, strong and beautiful. They still are, but they walk a lot slower now than they used to. IN65