Your mower's chassis is good with no signs of stress fractures, something which is so common on the Series II Model 45.
I have to agree with member "vccom's" comment regarding the checking of the points which are behind the flywheel. Many times these get stuck in conjunction with the plunger which operates them from the crankshaft, thus no spark. The system is reasonably goof proof.
Your reel will go a few more sharpenings but I feel your bed knife won't go another round, especially in the centre area, thus a new one will be required.
Don't attempt to undo the screws securing it to the sole plate as you should just take out the whole sole plate assembly and take it along with your reel to the engineer of your choice. Being that you are in Queensland please don't ask me who to take it to as I don't know anyone in that neck of the woods so to speak.
As far as paint is concerned I get the feeling you're not trying to do a concourse restoration so I would just be using Chevy Orange for the Engine, Signal Red on the reel and leave you to choose the chassis hammertone colour. BTW there aren't many colours available in Hammertone as stock colours, thus if you wanted exactly the same you'd have to take the chain case to a paint centre and get them to colour match it to the inside part of the chain case as that's the most unseen by sunlight part of the machine, apart from the undersides of the chassis rails I guess. It's your call.
Cheers, BB.
I live a 24 Hour lifestyle, but every now and again I seem to fall asleep, well at least that's what my wife tells me.