Just because cables are low in sheave doesn't mean the sheave is bad! This sheave could of been re grooved 10 years ago. Are all the cables down the same amount. Are they all even all the way around the sheave? When you re groove the sheave the cables will be even lower. So what happens next year when another inspector sees it? If you are having traction loss or cable tensioning problems those are sings of a bad sheave. Just saying you may have a sheave that needs re grooved but you need proper info first.