My horse is a cribber, too, though he hasn't worn his teeth nearly that much! I suspect he also had a mild gas colic from the air ingested while cribbing, which is another danger of cribbing.
I think with as much damage as your horse is clearly doing to himself with cribbing, doing something to curb it is definitely in order. The first thing to try is a cribbing collar. There are several styles out there, but I've only seen the Miracle Collar being used, so I borrowed one for a short while to see if it would work on my horse and that's the one I ended up buying. It definitely has its downsides: my horse certainly doesn't like it (he pins his ears when he sees me bringing it toward him) and even with the fleece covers it's rubbing the hair off in spots. The first day I put it on him I felt TERRIBLE because it seemed so tight (I later found out I had it about 4 holes too LOOSE!) and my horse looked so miserable. I still wish he didn't have to wear it, but when he cribs he's causing himself health problems AND destroying property (he already destroyed a corner feeder and is close to pulling his waterer off the wall, too.)
You could also try a cribbing muzzle. The muzzles can also rub, and need to be cleaned frequently.
I also just found about a procedure where they put rings in the horse's gums which causes pain when they try to crib, but doesn't otherwise affect them. I started a thread about it here: Cribbing rings: anyone used them?
And if none of those work, there are surgeries where they actually remove some of the muscles required to crib. This is a last resort and quite expensive, but might be worth considering in cases like yours if nothing else stops the cribbing.