Hi Michael!
From the picture, it appears that the frog was machined. I say this as it looks as if the back side of the slide channel is rounded as well as the the mortise. The slide channel is no problem, but if the mortise is, in fact, oval rather than rectanglar, that should be corrected...it's makes rehairing much easier.
I spent mucho hours fixing oval mortises on student bows that I was learning to rehair this past summer.
Of course, if you decide to replace it, you don't care!
Best regards!
Jim