I have a bunch of 5500's, and I use what sounds like the same stuff on them. I think it's called Tri-Flow, or something like that. It works pretty well, and I've yet to run into problems with it on my drag washers, or any other parts, for that matter.
Maybe I've been lucky so far, but it seems to work for me.

Fish on...
Todd.
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Team Flying Super Ditch Pickle