Not mine.....is this bad?

[jim simpson]

Wouldn't the correct way to repair this (assuming it was worth enough to repair) be to remove the neck and remaining heel, then glue them together before gluing the neck back in?

[HoGo]

Correct way is always very individual to instrument and exact level of damage. Were this expensive mandolin I would do following (I hope I won't miss any important steps)
1. examine if the break is clean (no previous glue or repair) nad/ or can be cleaned well enough without further damage to instrument
2. examine if it can be closed well enough (on expensive meaning wood- to wood with no gap whatsoever, just finish crack showing)
3. examine any problems that may have relation to the problem being fixed (it the neck root fixed tightly, was the neck angle good before break, problems with neck "hump" or loose fingerboard etc...)
If I find that I can just clean add fresh HHG, clamp tightly and all will be in good cosmetic shape, alignment and structurally sound I wouldn't do anything more. I guess this would be in 9 out of 10 cases of well built quality mandolins. Always think about the guy that may be the next to repair it after you - don't do mess.
If I find that the neck angle was not too good and the construction method allows relatively safe neck reset I would remove the neck glue it together and then reset the neck on the body (WARNING: on mandolins this is major surgery and should be done only in absolutely necessary cases as collateral damage is almost inevitable, and even most carefull work can leave some scars especially with some methods of neck joints and finishes that are impossible to touch-up)
If there are signs that the lower part of heel is not holding well (loose neck joint etc.) I would consider re-gluing it or full neck reset as well.