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I diassembled it yesterday, taking the red disk off and it is something I'm assuming would not be repairable unless someone knows of a part very similar. Under the hard red disk is a rubber disk which has a hole in it and that is attached to a rubber sleeve which sits inside the gauge in a spring, as the sleeve inflates it pushes that spring driving the numbered rod. What seems to happen is the 85ish year old thin rubber sleeve seperates from the thicker disk/ring it is attached to and then air just flows with no resistance.
I'm going to go after a moto meter air gauge with a dial and reset valve since the schrader stick valves seem to have a limited life due to the materials used and age making them brittle! Still looks nice though, but it's gotta function if it's going in my car! No props! It's not a museum! =] At least that's what I try to stick to!