I think that part is rivetted to the reel,so I don't know how you would fasten it back on.Unfortunately the reel may be toast.

I was able to cut out a small piece of cork sheet I had on hand that I use when tuning duck calls, cut it out to shape where the missing chunk was, and glue it into place. I am happy with how its working now.

I'm just hoping the brake spring and its retaining parts are removed for the photo.
( http://www.ereplacementparts.com/pflueg ... 86749.html ) They are essential for the correct operation of the reel. The brake shoe is replaceable and not too hard to come by from a parts reel, even a knock-off, but that repair will probably work fine.

Overlubrication and accumulation of congealed lubricant is probably the cause of the damage, with lubricant getting where it doesn't need to be, such as soaking into the brake shoe and softening the area that crumbled away. A complete cleaning followed by absolutely minimal lubrication will get that one going nicely again--if the v shaped brake spring is installed.

looks great!

Yeah, putting it on a wonderrod that will be for streamers, just gotta find a line it likes.

I replaced one of these on a 1494 a coupe of years ago-
Sent it to Archuleta who made a new rivet and installed. $$, though...more than the reel will ever be worth-
I have a 1494 carcass that has the part in place ,which should fit - you can have it for the cost to ship it-let's say $5...
Chuck1