Gents, new bearings, recently sharpened reel/ bed-knife & sprocket/ chains on good order. Found what the problem is. The twin sprocket on the reel shaft has some play in it. Even though it slides over the woodruff key ok it twists/ turns slightly, hence going off center a little when I tighten the locking nut. Doesnt appear to affect the operation so I will leave it for now & keep an eye on the chains. Reel just touches the bed-knife & cuts news-paper on all blades, along the length of all blades so I'm happy. After much patience & many attempts, finally nailed the reel adjusting technique.

Ross