It looks like a Madison point to me, the most common "true arrowhead" found in most regions of Illinois, (Mississippian Period).
Could have been reworked, but I doubt it. Madisons were usually made from the napping flakes that were a byproduct of larger chert tools. When the material wouldn't cooperate the finished product didn't always look textbook Madison. Here's a picture of Madison's I found, notice the variations in uniformity, and also some other helpful information...