It looks like the PADDLES are lined right up with each other, but the lever for the second valve looks pretty bent out of shape. Here's a functional example:
CIMG2174.JPG
Notice that the paddles and first segments of BOTH levers make parallel "U" shapes with each other.
Also notice that the segment before the thing bends away from the cheek side of the horn has a pretty obtuse angle away from the first "U". I think THAT bend got seriously messed with.
But since I can't see the portion of that first "U" in your picture (it is visible in mine) there is another possibility:
someone could have bent the "U" way out to give more thumb clearance in that area.
Either way, it won't really work right until the bends are back to the original layout.
If students have been wagging that back and forth for a few decades it could be seriously work-hardened. Might be worth annealing it before bending. Without annealing the thing COULD snap like a coat hanger that's had too much back-and-forth waggles. OTOH, if it is NOT yet hardened, annealing could make it behave like spaghetti and not hold the repaired shape.
If you don't know how to anneal, find a repair person who does, and let them bend it
I have taken the risk myself, knowing that, push come to shove, I could silver solder the pieces back together, or even make a whole new lever... or convert it to a middle finger lever
However you get it back, I'm sure your bass trombone student friends will be surprised at how much nicer it works!