A test kit for unevenly worn sheave grooves, a tool for regrooving sheave grooves that are found to be unevenly worn, and a method for testing for and maintaining the sheave grooves utilizing the test kit and tool. The test kit includes magnetic standards which adhere to a sheave beneath the portion of the sheave touched by the ropes, facilitating testing without having to unrope the sheave. Unevenly worn sheave grooves are visually ascertained by holding a straightedge adjacent to the magnetic standards. The regrooving tool includes a shank that can be received by a stand set up next to the sheave, a body attached to the shank, and an interchangeable cutting insert received by the body that is inserted in the sheave groove. When the sheave is rotated, the sheave groove is ground by the cutting insert, with each groove being ground sequentially until all grooves are again uniform.