If any are found have the entire guide replaced immediately. If there's a problem with a reel seat replace the rod. Your reels should be working as smooth as silk. If not take them to a reel service professional and get them cleaned, oiled and greased. There's a lot of great product on the market for very reasonable prices.
Line is of the utmost importance.
Please get rid of it and replace that old line on all reels and spools. Baits are next. What you don't want to run into is out of stock items in a specific size or color. When Barklay's gets a new order in, I'm the first guy in line to grab it up even if it's two or three months before the season. Lastly is terminal tackle.