Generally there is no way to salvage such a thing without far more work than the reel is worth... I have tried relatively low-temp brazing and warped frames... I have tried machinging the foot away (assuming you are talking about a foot integral to the whole casting) and making a foot to replace it and found the metal did not want to hold threads properly... And I could go on and on.

For a while I made a number of reels of ivory, brass, stainless steel and wood... Mostly for show but they were functional... Wasted a lot of time, came away with some very pretty pieces, but decided there is just too much effort wrapped into one...