It looks as though it still wants to be used in a darkroom because it tries it's hardest not to let much light out. Rather a pointless design for it's purpose, both ugly and barely functional (in my opinion). Hmmmm, I may have PWG (posted while grumpy).
More sensibly, using steel reels is not a capital crime. After all, these were probably already bent and unusable as few lampstand-constructors are going to pay a lot of money for new examples of something they could otherwise find in a shop junkbox. On the other hand, converting a Noctilux in to a spotlight might make a stronger artistic statement - or cause more of a reaction anyway . . .