Besides the condition of the Rewind/Replay pneumatics, I'd look at
the condition of the connection on the take-up spool on its left (bass)
end.  Is it air tight?  If the leather gaskets are bad or dry, they may
seep enough that the rewind pneumatic will try to collapse.

Dig out all the leather gaskets and examine them.  There may be several
of them so dig down until you meet wood.  The leather is usually okay
so all I do is put a layer of Vaseline between each piece.

Make sure the tube that goes through the leather is not plugged now or
you won't get any rewind at all!

Jeff Davis - in Seattle's last throes of summer