Hiya
There's nothing wrong with those Penn Senator reels. They were the big game anglers only choice waaaay back in the day. The sure have landed VERY many exceptionally large fish all across the globe.
The quote you made above was reffering to a commercail fisherman, who put the reel into freespool, with the ratchet on, and stripped the line off whilts bait fishing. The YF hit the bait and took off. He obviously put the reel into gear!! On a leverdrag, this is fine, but on a star drag, thats ASKING for trouble!! Much like FORCING your gear lever into gear whilst driving, WITHOUT using your clutch!! Needless to say, the reel didn't like that abuse and exploded on him!!
If you are keen on using them for bait fishing, ALWAYS leave it in gear. Should you want to strip line off the reel, simply loosen the drag. Remember to ALWAYS just use the drag.
I've caught PLENTY of YF on bait and trolling with 9/0's, 10/0's and 12/0's (you don't get 11/0's). The 9/0 is a smaller reel, whilst the 10/0 and 12/0 share the same body, just a bigger spool. (like the Penn 49 and Penn49A or 500 and 501 jigmaster)
This is my buddy Gamie with a very large YF taken on a Penn 12/0, puls a few more 12/0 in action shots.
As you can see in the photo below, i still use 12/0 and 10/0's for trolling purposes:
Ok, so after saying that THEY do work, here's the downsides. They have VERY poor drag systems. Even AFTER upgrading their drag systems, due to them being star drag reels, they can NOT offer the quality of a lever drag's performance.
Your fights are going to be difficult ones! They have no low range and even though the gear ratio is quite low on the reel, its still FAR from being a two-speed type reel. Be prepared for VERY long fights. Read the old fishing books and you'll hear stories of VERY, VERY long fights with these type of reels.
Coupled with the poor drag and the star drag, you won't be able SET the reel for your line class, which means you will not know how much drag there is. This means you will not know how hard you can pull. EXPERIENCED anglers can get a feel for it, but as a novice, you will lose many more fish.
We actually HANDLINE most of our fish after hooking them up on a 12/0, simply because its quicker. I'm am definitely NOT recommending that you handline tuna, as its a VERY dangerous excercise, which can VERY easily result in your losing a limb or digit.
Watch the start of this video clip and you'll see two of my crew members handlining a YF on a penn 12/0. One handlines, the other is reeling the line onto the reel:
[flash=425,344]http://www.youtube.com/v/NBLfK73QsDg&hl=en&fs=1[/flash]
Ultimately, it depends on YOUR finances. If you don't have the cash to buy new or upgraded tackle, then USE what you have. I would how-ever recommend that you buy two speed lever drags, if finances are tight, like they will be when one buys a new boat (so MUCH stuff you need to buy!!), look at the Shimano TLD 2 speed or TYRNOS or the Okuma range. If you have TLD25 single speeds, they will also work on the smaller class YF. Anything over 70kg's and you'll have the fight of a lifetime!! I've taken YF over 80kg's on TLD25's, so they are EXTREMELY nice reels. The best part, they double as your yellowtail trolling reels!!
Start scrounging around for second hand Tiagra's or Penn Internationals. I bought my reels, one every few month, that way it isn't such a heavy capital investment in one go.
Another option is to sell your Penn 12/0's and use that money to finance a better reel.
Hope that helps!!
Regards
miles