The project took me about 8 hours elapsed time. Most of the effort went into restoring cosmetics of the rubber as the reel had broken pillars and missing screws/washers beyond my ability to replace until I find replacement parts.
Dean, I am taking a heavy-handed approach and removing the rubber surface all the way down to where the rubber is still it's original black underneath. The layer I am removing is probably no thicker than a sheet or two of newspaper. The rubber polishing process I use is illustrated about 3/4 of the way down this post: http://reeltalk.orcaonline.org/viewtopi ... 135#p87686.
It helps to be light handed to avoid taking off the edge details (like scribe lines in the rubber). There is a great deal of elbow grease and patience involved.