Well the outer knob screws had worn grooves into into the rotors, so I reset the knob onto the rotor, moved it forward about 1mm, reset the screws and tightened them down. As long as I am careful and don't turn with too much force, the knobs now work. It appears the previous user(s) must have turned the knobs with a lot of force and stripped the rotors. The inside of the knobs, the screw, and the rotor all look like brass.
Once I got the knobs reset, and aligned right, I was about to get both traces to work correctly.