The Penn Jigmaster 500L has been in the Penn family for over fifty years. This was one of the reels that distinguished Penn from its competitors. While it has stayed mainly the same over time, Penn has upgraded the handle with an oversized handle knob and the drag system. Anglers love Jigmasters becasue they are bulletproof. They hold up well over time and handle the saltwater very well. Their low gear ratio gives you a lot of torque and is perfect for bottom fishing.
The Penn Jigmaster 500L is probably the reel your father or grandfather fished with. It worked back then. No reason it won't work today.
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