Just Guessing
John--I agree with Ken. It might not be the friction lock but guessing the age of the boat, the lock probably has never been engaged and corrosion has set in. This sounds like a crazy question but, I surmize the boat is in the water and not on a trailer and with that in mind, when you try to crank the keel down, does the cable over feed off the reel and the handle get loose and sloppy? Or does the handle feel feel stiff and the movement tight? My reason for asking is I had friends sailing with me and they didn't wind the keel all the way up, they pushed the boat on to the trailer which slid the keel up in the trunk and then cranked the loose cable up on the reel and it over laped and would not unwind. Go Figure.