Hi Mr Jones, welcome to Outdoorking.
Since you are starting your tidy-up process with the engine, I suggest that you continue to use Mr Bonnar's excellent thread on reconditioning his Kirby Lauson as a reference, and keep us posted through this thread. We will be happy to help at any time, and you can just report progress if you don't have questions. It will be useful to develop another thread featuring both a Kirby Lauson, and an SB45.
Incidentally, your reel looks as if there has been welding done on the blade mounting points. Have the blades been replaced in the reel?
Last edited by grumpy; 05/02/13 02:16 AM. Reason: Add question