Hello Christian!

Welcome from me too!
Thanks to Glo Mod Grumpy for embedding the photos.

This machine is the less common 20" Model 45.
This machine presents as being in sound condition in terms of the sprockets.
I don't think it's had a hard life at all.

Yes, the reel can be straightened. That is not a big issue.

Advice for sharpening:-
[1] Do your homework first.
[2] Ensure the repairer is not an agent, but has the specialised grinding machine
for the reel and bottom blade on site.
[3] Specify new, sealed bearings for the reel
[4] Take the reel and bottom block complete to the repairer - meaning, do not
remove the bottom blade from the sole plate. Take the bottom block complete.
[5] Ensure both the reel and bottom blade (or new replacement) are both ground.

Advice for painting:-
Other folks on this site should be able to assist with colour.
Whatever you do, do not use the powder coat process.

Preliminary Advice:-
Before you do anything, you must assess the condition of the top rails,
the two rails the engine is bolted to.

To do this, remove the engine and primary clutch complete.
[1] sand the frame rails and inspect for any cracking of the rail.
[2] a straight edge across the top will help assess warping (if any).

At this time remove the clutch from the engine by loosening the cotter pin nut.
The clutch housing should be a firm fit on the crankshaft. At this time, measure
the crankshaft OD or clutch housing ID. This will determine the replacement
engine. Replacement engine fitting is straightforward.

Advice on Engines:-
Some folks here have strong Briggs or Honda preferences. [I'm sure they will tell you smirk ]
Either OHV Honda or OHV Intek Briggs will be fine in my book.

There are many helpful topics on this site to assist you.
The main thing, now, is to disassemble and check the frame for damage.
Please report back with your findings.

Yours presents as a good candidate for restoration and should give
many further decades of reliable service.

Hope this helps.
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JACK