I'd use it as a rope wrench.Alright I've never done any of that before s I'm gonna look it up and try to do that....but that's gonna take me a week or two to gather the tools and get the time to do it right. But are you thinking it's still usable for a rigging wrench(almost locked sheave)? Or what would you salvage or do with it?
Probably on small diameter lines if I had any, because the friction will be greater.
I would also not be scared to pull it apart and just use a bolt to hold it together. If it's already awry and not the end of the world if it's done, take it apart and see how it should tick and why it isn't.
I am pretty tinkery, though.
You might even be able to press something wedge shaped beside the sheave and center it back up.