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I fixed a couple of the old traps with 3" 10-24 machine screws.
my thinking is drill the hole through and getting a lag bolt that only has the end threaded but i havent been able to find one skinny enough.
Drill a 1/4" hole through the trap where the existing spool hole is. U will also have to drill out the holes in the spool to 1/4". Take a 4" 1/4-20 carridge bolt, push it through the trap and gently tap it in to seat it trying not to split the wood. You can also back drill the hole with a 3/8" bit to help prevent splitting. Put a 1/4-20 nylon washer on, then a 1/4- 20 nylock nut and run it down tight . put a second 1/4-20 nylock nut on and run it down enough to make threads in the nylon. Back it off, flip it and run it on backwards down toward the first nut. Add another 1/4-20 nylon washer then your spool and ajust the nut to where the spool trips the flag to your liking. Install 1 more nylon washer , and a small compression spring that will fit over the 1/4-20 carridge bolt . Last add a 1/4-20 nylock wing nut (very hard to find) and adjust till the spool spins free with little play. If you want a little drag simply tighten your wing nut. If you cant find the wing nut a regular nylock nut can be used. just bring a 7/16" wrench with you if you plan to ajust the drag. If you are not worried about having a drag system replace the 4 inch carridge bolt with a 3 1/2" carridge bolt and skip the spring. try to get all stainless. 90%of this you should be able to get right at home depot. As for the spring and nylock wingnut find a hardware store with a huge hardware selection. I cant help you with the wind flags. thats a hole other issue Good luckMike
Wouldn't it be better to back drill with a 5/16 bit 3/8 is awfull large.