Hi Cam, well mate, you seem to have addressed all my issues, and have a sound knowledge of Ohms Law regarding the electrical issues, so all should be good in that respect. If you can repair the motor, that would be a good result. wink
Re: the spin grind for the cylinder reel, that should set you back around $70.00-$100.00 eastern state prices plus the price of a new knife-blade (if required). You need to remove the reel and soleplate (complete with the knife-blade attached to the engineer) and he will remove the bottom blade and supply the new one with new screws (if necessary).
The cylinder reel bearing should be replaced in any case, as the reel to bedknife adjustment is critical, and due to their age, they would be unserviceable, considering you just went to the expense of a re-grind of the reel and bedknife. wink
For the regrind; just contact the greenskeeper of your local Bowling Club and ask who they use....they are usually a great bunch of blokes, and will give you good advice. grin
All the sprockets look in reasonable condition, and should give good service for a good while yet. (New parts not available, in any case)

Finding pics (especially close-ups) of the catcher attachment points is a problem....Model 40's are very rare on this forum..you may care to post your request in the "wanted" forum, and hopefully, one of our members will see it and know of someone who has one, and post some pics.
Depending on price, I think that there would be a few members interested in the repro 'original' rubber grips, myself included. wink
Best Wishes,
cheers2