So I removed the ratchet head mechanism as I take it this is where the most wear and tear occurs.
Everything looks fine except for the Ratchet Head (Label "N" on above image). The teeth dont seem to be broken however a few are "eaten" for lack of a better word. Since pictures are worth a thousand words take a look at the following and let me know if its a wise idea to replace the ratchet head.
Part: Ratchet Head