Lamson & O'Rings...
They now have a new stainless steel and anodized clutch mechanism that should solve that problem.
I had the same problem you're refering too after I had to dunk my rod/reel under an anchor line to land a bone. About a week later the reel started seizing up so I popped it open and, sure enough, the clutch was rusted over. (Not the bearings, just the housing.) I cleaned it up and it still worked for like another 2 years but I eventually thought I should send it in for service. When I did I mentioned my dissapointment in their choice of materials for the clutch and they said, no worries, they've addressed the issue.
They'll replace the old clutches for free with a few bucks for S&H. Also, if the corrosion has caused problems with the actual drag mechanism, they'll replace that for free too.