Hi Glenn, you have not told us the cutting width of your Model 45, it will be either 14", 17" or the 20". Could you please also post a pic. This will help us determine where it falls in the Model 45 range (ie. an early or late model).
Re: your questions, with 8mm of meat left on the reel, you can have it spin ground maybe 2 times at least by an engineer.
Regarding prices as an example..a new 17" reel will be around $350 complete with new bearings and a bottom blade can be supplied by the engineer, as the new bedknife needs to be ground also. Do not remove the bottom blade from its soleplate yourself...you can damage the cast sole plate (bottom blade holder)very easily. The engineer has the tools and expertise to do it.
Re: prices for a 20" Rover...as they were $1800+ new, prices do vary on condition...check eBay, but you will find it cheaper to perhaps purchase a new reel (with new bearings)and bedknife.
