I would take a pass on the dbx unit. If you really feel you need noise reduction would look at one of the pro units, dolby A 363, or a Dolby SR unit.
Other three options would be
1. get a set of half track heads for your 747
2. install a Vishay foil resistor at the loading position on the PCB where the signal from the head first goes to the board.
3. replace the wire from the head to the PCB with Mogami Console wire.
items 1-3 above will each reduce (increase S/N ratio) by a few db at 7.5 ips tape speed.
Other three options would be
1. get a set of half track heads for your 747
2. install a Vishay foil resistor at the loading position on the PCB where the signal from the head first goes to the board.
3. replace the wire from the head to the PCB with Mogami Console wire.
items 1-3 above will each reduce (increase S/N ratio) by a few db at 7.5 ips tape speed.