I have a V1.5... actually this is my second. the first, bought from a friend, was smooth & nice enough to give up a Ross G-1... then it was gone.
Bought a second, brand new. problems from the time it came out of the box. The Lamson/Waterworks customer service was less than friendly or smooth. I ended up fixing it myself due to their "attitude" about customer service. This was a manufacturer's defect. They even admitted it wasn't unusual to hear of this problem (drag ineffective & caused spooling).
Nah, don't like those folks.
The reel works ok now that I fixed the problem.
Later,
Peter