I've never used a 209 but from what I hear it's a nice reel. From what I've read it seem like it's a Sqidder with a levelwind. Gear ratio of 3-1. It's line capacity is similar to a Squidder at 320yds. of 20lb mono.
Out of the box it's probably a great trolling reel but if you want to cast it off the beach you should be sure it doesn't have the chromed steel spool - the inertia caused by the weight of that thing will make it extremely hard to handle on a cast. Your best bet would be to find an aluminum spool or if you can't find one, a plastic spool.
I'd put a few drops of 50 weight on the gears, I don't like grease when fishing off the sand as it has more of a propensity to attract and hold sand. The bearings should get cleaned with naptha and given a drop or two of oil. The weight of the oil depends on how educated your thumb is, whether or not it's been magged, in general how fast you want it to be. I use everything from 40 weight to 3in1 to pure silicone oil depending on what I want the reel to do. The thinner the oil the faster the reel and the harder it is to control.
"I just wanta play everyday despite small nagging injuries --
and go home to a woman who appreciates how full of crap I truly am"..... Crash Davis