Old reliable belt drive washer

We have this old Whirlpool belt drive washer. I think it is a 1977. The date code on the motor (presumably a GE) says 437 so I peg that as the 43rd week of 1977, though I can be wrong...
Anyway, to describe the events leading up to the failure, I did one load of clothes and noticed that the final drain, before spin, took an extra long time. At the next load, during the final drain, the laundry room filled with smoke coming from the washer. The clothes were still wet, I had to bail the basket, etc.
This washer is Whirlpool Model LAB4900, a case where the controls are located on the very front of the chassis rather than on a panel at the rear, belt drive, three port pump that recirculates water.
I removed the motor for inspection. It appears to be good, no melted wires or any sense of over-current. The motor has a centrifugal switch and seems to lack a start capacitor; the part number is FSP 362947 which does not cross to anything on the web.
After removing the motor I noticed the condition of the belt because it was very slack and could naturally conform to its condition. It exhibited wear down to the plys over an area and also a 'bump' or kink in the spring of it which indicates a jammed overheating of the belt. I am going to replace the belt.
The pump seems to rotate freely. I have exercised the unit in wash, spin, and drain and it now seems to work again so I think that it was just the belt that generated the smoke.
My questions regarding this oldie are:
1) The pump has clips. Should I open the pump up and see what is in there. I suspect that a 'shag' carpet may have introduced too many fibers.
2) What is the deal with the motor and the centrifugal switch. Will I be able to find another? The speeds are 1725/1140 RPM. If it is the motor giving out at the end of the wash, can I replace it with an Emerson or GE belt drive rated?
3) The unit has spent some time on its side and oil has leaked out of the transmission. What if I drill a hole in the case, fill with oil and seal hole with a pop rivet?
Thanks in advance for all your help!
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A dry transmission is probably toast if it was running dry.
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Art Begun wrote:

It wan't running dry but while the unit was on its side it leaked about 2 tablespoons worth of oil. Is this a small amount compared to the amount of oil inside the transmission?
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I would think that it has probably been leaking the whole time and is probably close to toast. It should be sealed. When spinning it has probably been leaking. Check the area where the machine was operating for oil. If you find some I would spend my money on a new machine.

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Very small and will likely have little effect on most washer's transmissions. If that oil got over any other parts of the washer like the suspension system however, it could cause problems there.
Dan O. - Appliance411.com http://ng.Appliance411.com/?ref411=clothes+washer
=~~~~~~
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Cult of Nurse's wrote:

probably will not get the pump to go back together straight and the pump will leak... it happened to me on a washer built in 1972... the first time the pump went out i took it apart and it went back together OK.
the second pump the parts would not meet correctly seems they changed the design.. the third pump it did not have clips, seems the cap was glued onto the pump.... i had the washer for 30 years and finally got rid of it when the motor burned out and figured it would cost too much for a motor to fix it... just hope the second one last as long as the first one....
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Good old washer! Smoke was from belt. Cause: Pump bearing seizes. Replace pump and belt. Don't worry about oil loss. There is an air vent on top of transmission.

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