My first SWAG would be the start winding not clearing as the motor spins. If the motor heats up with no load, that;s a sure sign. Just a guess, but I have several C'man motors where age has altered the centrifugal switch. I've replaced most of mine simply because I like the Baldor TEFC motor better and I have bad feelings about opening the old motors with brittle insulation. Especially if they have been opened before and "less than proper" changes made.
Craftsman motors have a "flat pack" capacitor in the base frame. But the capacitor likely is OK or at least marginal since the motor starts. A motor will run on reduced or excessive voltage. A 240 volt motor will run on 120 volts and a 120 volt motor will run on 240 volts. The majic smoke gets out eventually in either case.
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