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That looks like a pretty rough bow that would be an excellent candidate for a refurbishing job. The handle is square, there is a lot of set located only in the inner limbs, the knots have not been properly dealt with, the tips are wide and the tiller is probably off. The problem is, the bow is already tillered to 76 pounds. That means the wood has already been stressed to 76#. Yes, you can take the drawweight down, but the wood will still be 'damaged' as if it were 76#. It's a bit like: "My V8 engine is a bit too powerful for me. Could you perhaps remove two cylinders?" It'll work, but nobody would like to do it, and the rest of the engine is still designed for the original eight cylinders. Taking the weight down a few pounds will not matter that much, but taking it down 20# is a lot. If you lower the drawweight to 55#, you may get a performance equal to that of a 50# bow.
If it were my bow, I would re-work it. Remove all the varnish, narrow the outer limbs, floortiller a bit better, clamp in slight reflex, temper the belly, retiller to 60#, re-do the handle wrap.