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Hello Elliot,
I also inherited a real nice Neptune 11B2 from my Pop, who inherited it from his father-in-law, my Granddad. A nice 1941 model with the same bevel gear issue. I ran that Neptune in the early 1960’s in the Smith’s Canal near the Stockton CA when I was in Jr. High. My dad was a machinist @ the time and shimmed the gears, but it didn’t last that long. He called a contact he had at Muncie who said there were no parts in 1963. I plan to get a used replacement gear set and see why there is such an angular mismatch causing the stripped problem. I haven’t had any luck in acquisition, yet. Good luck.