Be warned though,,,, following this method will really increase the speed.
All the info is good,,, you just may want (need) heavier oil.
I've done 2 exactly like as mentioned. Results are awsome. But if you're not used to the speed and don't have good casting skills,, you will be in trouble with the blowups. If your bearings are sealed, you'll want to pull 1 seal or get new / better with a side opened. Flush even the new bearing really good.
Afterwards, fill the spool and spin it for a couple with a higher speed drill (or variable speed dremal) to "run the bearings in" (in direction of cast). - results are smooth as silk and quite fast.
I use 99% Isop for cleaning all
the oil and residue out.