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Hi Jim,
I have a 5500SS and the anti-reverse failed and I'm pondering my options. I called and asked if the anti reverse part was available and the tech was unsure. The exchange program seems to be valuated upon receipt of the defective reel. If I was unhappy with Penn's evaluation then I have two way shipping to cover. Looking at the Spinfisher 3500 which is valued at (sale) $106 amazon to $151 at TD, so I have no clue as to what Penn would allow. So I guess my question is the part available for purchase from Penn and I try to repair it myself.