Good tips here.
This is my all time favorite hi-hat stand. I have refurbished many of them. The correct model number is 1123-1, but the way. Here's a couple more things you can try:
1. Make sure the tripod base tube is clean as well. The inside of that tube can get all gunked up. Remove the lower pull rod so the tube is empty. Put two layers of painter's tape on the bottom hole where the lower pull rod comes out and screws into the top of the foot board.
1A. DO THIS OUTSIDE--Pour paint thinner or mineral spirits into the tube at the top of the tripod base (sometimes a funnel helps). It will slowly leak out the bottom where the painter's tape is, but the tape will hold it enough that you can clean it out very well. Then run a bottle brush up and down inside the tube several times, then pour out the paint thinner from the top of the tripod base section (you'll be amazed at how dirty it is). I recommend doing this over bare dirt or weeds, because the paint thinner will kill grass, plants or anything that it comes into contact with. Repeat this step several times until the paint thinner comes out of the tube clear. Then remove the painter's tape at the bottom hole and run the bottle brush upwards into the small hole a few times. Then pour some more paint thinner down the tube and let it run out the bottom just to flush it out. Then leave it outside to dry for an hour or so.
1B. Re-assemble like normal. Make sure you are using a good quality spray lubricant on the spring itself before you put it back in. Tri-Flow always works well for me. I typically put the spring onto the lower pull rod (with all washers in place), then spray the spring liberally. Hold the base horizontally and insert it into the base horizontally (so the washers and spring don't fall in ahead of the rod). Then screw the lower pull rod into the foot board and re-assemble like you are ready to play it and work that spring like crazy! Don't forget to the lubricate the the hinge on the heel plate as well. If that doesn't solve it..........
2. Most good hardware stores have a decent selection of springs. Take the spring with you and try to find one that is a similar diameter and length to the original. It's also a good idea to take the lower pull rod with you so you can find appropriate sized washer(s) that will fit on to the rod, but not go past the small flared "wings" that stop the washer/spring from moving any further up.