the style of the reel copies Shakespeare postwar, and the LW mechanism, especially, is Marhoff (patent bought by Shakespeare - 1908).
That's what they did. They had a clicker and spindle end tension.
Until Abu's clean sheet of paper (the button you're looking for), freespool was rare. Competing with Marhoff was Pflueger's Douglas patent 1st Supreme, free spool and anti-reverse, but the mechanism was so complicated, Pflueger dropped it when they could legally copy Marhoff's expired patent (1928).
Still, it's a joy, and out-cast every LW reel until Lew's, Ryobi and Shimano brought the basic idea back (free spool free of LW mechanism)
The other style freespool, type is Shakespeare Tournament 1740, simply had a friction swage of the handle onto the main gear, which you released by pulling outward on the handle.
What you're looking at is the basic style of all baitcasters from the 30s to 50s - a copy of the Marhoff LW mechanism.
You'll find many people who like their Shakespeare Marhoff, and Pflueger Skilkast, etc.
But the one Marhoff copy that really stands out for cast distance is the Meek 30.
Like all Meeks, this reel is made to never use grease, but oil daily (note the oil port for the main gear).
Until Lew's, the reel that really cast distance was the NLW, the best made by Shakespeare, Meek, and Talbot