Hi Jeff,
Looking at the reel itself, I doubt that it has ever been sharpened in its life.
The same could be said of the bottom blade, I guess..
A good spin-grind of the reel and a grind and lap of the knife blade could do wonders for the cut....makes it easier to adjust as well, as everything is "true".
The cylinder reel, having constant contact with the bedknife, would have caused un-even wear of both over time....
If you plan to adjust it, please read my sticky on Scott Bonnar routine maintenance, I have shown the spanner I have modified to make the task easier. You may consider making one yourself.
