Hi Trev, nice find mate. Your machine has obviously been repaired/modified. But you have a good quality cylinder reel, with plenty of material left for a multitude of sharpenings. I would say that once you get it sharpened professionally, it is almost good to go.
But first you should sort out the clutch. It looks as if the clutch body has been replaced as it is bare metal, with no signs of the original green hammertone paint. Unfortunately, you have the awful cottar pin variant of the clutch body, that is prone to wear and failure without proper adjustment and maintenance.
The black plastic thrust pad adjacent on the inner cone looks like it is in good condition. I am not completely sure, but I think that when the lever is pulled up it should disengage the clutch by releasing the sping loaded inner cone from the mating outer cone. If it is not engaging/spinning the reel when the lever is pulled down, then either the spring is worn, the keyway is damaged, the woodruff key is worn or the cork lining on the inside of the outer cone has deteriorated and now there is not enough friction to turn the engine drive shaft. Another possibility is that the lever is not moving far enough. To fix that, just adjust the bolt you see in the picture - second last one from the bottom.
The rubber bumpers/buffers that support the catcher are replaceable items you can find online/ebay etc.
I don't live east side, someone else might like to help with stores that offer reel grinding services over there. Good luck with your repairs!
