I'd rub that reel seat threads down with paraffin, then scrub all the wax off with a cloth, just like waxing the ferrules, try to rub it clean- I have found wax to be a fair lubricant if it is rubbed well enough. (car wax or wood finish wax have also worked a time or two) A chamois or moleskin shim under the foot might let the seat fit better without over tightening, or not.
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