No it's kind of a retro (coarse) mechanism and a little less smooth at first. These ratchets will never have the minimal back drag of the newer 90+ tooth ratchets, but if you put it in a drill to "exercise" it, it will reduce the back drag.
The swivel head appears to be sealed so I have not tried to open it, but if the Pittsburghs are like other ratchets (vintage Craftsman, SK, Snapon) they would benefit from additional lube. Maybe soaking in ATF would help?