Possible to Invert Path Illustrator?

You are welcome, westdr.

Until the automatic tracing becomes good enough, or till the end of days, whichever occurs first, the best way is to redraw on top of the locked image using the suitable tools, just as Bobby said, preferarbly using a rather narrow stroke in a contrasting colour and no fill, in this case you can use full black at 0.25 pt, and letting Smart Guides help you, maybe on and off, and remembering that Undo is your friend. Always keep backups of the parts you may need to fall back on.

You will have to decide whether you wish to remain true to the original hand drawn shapes, or change them in favour of simpler/more regular/more symmetrical shapes, and if the latter, to which degree.

Starting with the simpler outermost parts, the first choice will be the outermost rim where the curved part from the bottom extends further on the left side than on the right side where it ends a bit lower at an angle with the straight part at the top. You can start with the Pen Tool at the top left corner as follows (you can start a new path by pressing P for Pen):

1) Click right on top of the corner, then hold Shift and move the cursor down to the spot where the straight part ends and the curve begins (Smart Guides say on), you can move it up and down until you are sure, then Click, then let go of Shift; you can switch to the (Direct) Selection Tool if you need to adjust, preferable keeping the straight part vertical;

2) Press P to start a new path and ClickDrag from the bottom corner, dragging exactly in the direction of the curved part at the corner itself about one third of the way towards the straight part, then hold Shift and ClickDrag vertically up from the bottom end of the straight part (Smart Guides say anchor first and then on); you will undoubtedly need to adjust, preferable keeping the straight part vertical, which you can do by deselecting and switching to the Direct Selection Tool, then Click Dragging the Handles at the two Anchor Points, holding Shift at the top one, until you are satisfied.

After this, for the right side you can:

3A) For symmetry: Reflect a copy of the left rim from 2) with a vertical axis and ShiftClickDrag it by the bottom Anchor Point to snap to the original bottom Anchor Point, deselect and Drag across them with the Direct Seletion Tool, and Join (Ctrl/Cms+J), then Drag across the top corner Anchor Points and Join to get the full rim; or you can:

3B) For asymmetry: Lock the left side and repeat 1) and 2) for the right side of the rim (at the bottom corner Smart Guides say anchor), then unlock the left side and Join at top and bottom.

After this, for the inner rim you can either work in the same way as for the outer rim, which will give you the original shape including its being increasingly closer to the outer rim towards the bottom corner, or you can use the Offset Path as suggested by RvdT, which will give the same distance all the way round, which you can change by moving its bottom corner downwards and maybe adjusting its handles, maybe symmetrically which may require some more effort.

The shading at the inner rim to the right can be done with a combination of Offset Path and then a copy of the corresponding part of the inner rim.

The dividing of (a copy of) the inner part into red and yellow can be done with a simple line and Object>Path>Divide Objects Below, ignoring the bolt and hand parts.

The shading at the inner rim to the right can be done with a combination of Offset Path and then a copy of the corresponding part of the inner rim.

The bolt parts were originally made in one piece and can be redrawn in one piece by Clicking with the Pen Tool at the all corners, ignoring the hand parts; it can be divided later.

The rest can be made with a more elaborate use of the Pen Tool.

I hope these suggestions can get you started; you can show your (lack of) progress (preferably using the Insert Photos button) in connexion with further questions.