Hello, Longwalk, & welcome to the Club Forum pages.  I think you'll like it here.  Lots of good guys.  If you've also just joined the NAFC, welcome to the Club as well.

Back-in-the-day, Lew's was known as an innovator with reels, & their products were considered top-of-the-line.  They were one of the first to increase retrieve speeds.  They also did extensive research with spool shapes, to try to make the reels more backlash-free.  Their most famous feature used to be the "V" spool.  That, & the unique shape of the reel (it had an ergonomic shape before it was cool to have one), made them instantly recognizable to anyone familiar with fishing gear.

As far as restoration & parts, you can get a schematic for Lew's reels here:

http://www.reelschematic.com/

Lew's reels, also made spinning reels, which, I think, were also considered to be top-of-the-line.  As far as I know, they were still making reels well into the '90s.  Browning bought them out right around the time they bought Zebco, then somebody bought out Browning... it was a mess.  The current owner of Zebco, W C Bradley, has a site where you can get contact information regarding Lew's products:

http://www.lews.com

Hope I helped you.  Again, welcome to the Forums (&if it applies, to the Club, too).  Let us know how you do fishing with Grandpa's reel.

Thats alot more information then I uncovered in 3 days worth of searching the schematic site was a great boon as now I can replace the bearings(20+ years of use after all) and some other misc parts.  I'll try calling the W C Bradley folks later and see if I can't narrow down the year the reel was made(hopefully).  As of right now though I've gotten it working enough to use, I can only get about 30 feet of casting out of it with 25% of line on it so with some new bearings and a full set of line Fish beware :)