I'll take that old crap reel off your hands for $50.00.
Actually it is a very good reel, I have one of that kind also.
What kind of pole are you mating that reel to?
Try a med action with a fast taper, don't try to over power your cast, let it be more of a fluid motion.
When I set the Spool Tension Knob, I tie on the lure, Hold the rod out level and push the free spool button. The lure falls to the ground and as soon as it touches the ground or water the spool stops.
If the lure does not drop loosen the STK, If the spool over runs tighten the STK.
But if you don't like the reel I'll buy it for the right price.
Bill