Watch Press Tool is Binding

[gpraceman]

6 minutes ago, mbwatch said:

I was not able to get any movement out of the fine threads for a long time, owing to high friction between the black knob and the large silver collar with the heavy threads. But after I deduced how it was supposed to work, I just put a lot of force into the knob and it started to move. It's still much stiffer than I think it should be, after I worked a little 3 in 1 oil into where the knob meets the sleeve. I should probably disassemble the whole thing again. The first time I had it apart, I could not figure out how to detach the knob from the big sleeve so I suspect there's still something not assembled quite right.

The inner threads are opposite threaded compared to the outer threads.  Remove the limit stop in the back.  Unthread the handle up all the way on the big outer threads.  Then pull as you turn the opposite direction.  That should get the handle to unthread fully.  Clean things up and apply some grease to all of the threads.