OK guys, good news. I took the entire thing apart. I blew it all out and cleaned everything I could. I taped a few wires, that couldn't be replaced and put on a new cord. I then oiled it and put a on/off switch in the cord. Plugged it in, turned on the switch and away she went, just like new, runs like a top.
I want to thank all that replied........you were a lot of help and inspiration, this is a great site, I always come here when I'm stumped, now on to grinding my cutter box for my rifling machine build.