Well, my old Chipmore uses a setup like that and if my bar were wore I would flip it over. I don't think I would need to move the drum to do it, but if I had to I don't think it would be the end of the world.
I use a thick piece of card stock to set the gap, I rotate the drum and let the knife blade pinch the cardboard and tell me the gap. I cant remember how thick the card stock is but if you have a spiral notebook the back of it looks like the correct thickness. I let the blade just make a depression into it when rotating by hand. Better to have more gap than you need because I would think that a hot drum/bar would take away tolerance and could crash.
Your mileage may vary.
If your bar is not worn in the middle and is bent then I would be concerned about setting it up and having a collision, so use caution. Check to see if you can remove the bar and have it checked for flatness & square and/or ran on a surface grinder to get it square again, then make sure that when you tighten it down in the machine it does not deflect for whatever reason.