Rik - Gretsch shells had no re-rings and as long as there was an edge for the head to sit on you can get away with a round over on both sides. The other drum companies used shells with re-rings, so an inside relief cut becomes necessary. Most of them used a 30 degree inside relief cut and rounded over the outside of the edge with an 1/8th inch round-over bit. Some others used a 60 degree relief cut.
Jeff- the inside 30 degree cut is a 'relief' cut so that the wood drops away from the actual edge. The head makes contact at the top-most ridge of the edge and an 1/8th inch round-over only increases the amount of head contact with the shell. I honestly don't know which bit they used to create the inside relief cut on the re-ring. I already mentioned that some companies used a 60 degree (more severe) back cut, but I'm not certain what the reasoning/science was that was involved in the choice of angle. (30 or 60)
The bit question is a good one to put the drum-tech guys at Precision! I have repaired and restored many an edge over the years, but I have never cut one from scratch. I always leave that job to the experienced pro's. You really have to know your stuff to tackle a job like that (successfully) anyway. I always caution do-it-yourselfer's away from attempting it. Why ruin a musical instrument while you're learning? Practice on throw-aways and when you have it down, tackle your own shells. But it takes knowledge, practice and time to get the job right. I always give pro's their due respect/props.
John