There are parts of the southern US and the Appalachian mountains in where they still frequently use "good ol'." And rhyming nicknames are common in even more parts of the US-- as well as in African American Vernacular English.

it's a very old fashioned way of calling someone reliable, stable, trustworthy...maybe to the point of being boring. and yes, you can drop the good 'ol. it probably is still used, i don't use it, but perhaps by older generations