The more I look at your photos, the more convinced I am that you've got it assembled wrong. The orangey coloured grinding wheel looks like it's coarser. Is that the case? If so, it should be in contact with the back of the blade, not the front. That's the wheel that grinds the bevel. The finer wheel just removes the burr (raised by the coarse wheel) from the front of the blade.Yeah I’m wondering if the previous owner just ran the blade into the ground. Is it possible to recover it somehow, or just time for a new blade?
The blade rotates anti-clockwise. Therefore the wheel on the left must contact the back of the blade, and the wheel on the right must contact the front, otherwise the burr won't be removed on the final revolution of the sharpening process.
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