I use a Bosch jig saw, medium blade, start on slow speed, increase speed a bit if you feel the need. Too much speed combined with too slow a feed rate will cut and melt. You just want to cut.
You can leave the base as is, you can always change it later.
Sand the upper rim lip so it has a round contour. Use a block with sandpaper, 60 grit, then fire polish with a propane torch, also on low-med. Use a light touch. Don't over do it, you can screw it up at this stage. You should watch the sanding marks go from little lines to completly smooth. I love that part.
Drill a small hole for the line, right up next to the drum, all the way through the bottom plate. Feed the shotline through the hole. You terminate it on the bottom side, big knot or a little anchor or cow hitch around a toothpick.
Wind from the drum, one revolution at a time, stopping every few revs to push the winds tightly together (no space between them). This first winding, all the way across needs to be taut and packed tightly, from drum base to the lip. The remaining length of the 180 feet, wind with moderate tension (thigh clamp) so that when it's all said and done there's more bulk nearer the drum side than the outer side.
I haven't seen the yellow reel in years, It was a really good reel, as good or better than the black Leviton. I only had two of those. Wish I had a pic of the truck tire parked on top of it.
Take some pics for us during the build, OK? Keep track of how long it takes. I predict under a half hour. Thanks for stepping up to be first, Bivy.