I would go for it. I've got old furnace blower motors (1/4 - 1/3 HP) powering a wire brush wheel (used it the other day to clean epoxy off a bolt - took 60 seconds and worked like a charm, but use eye protection), a lathe (underpowered, but I can use it for an hour or so before it gets too hot and cuts out), a disk sander, and a cheap belt sander originally intended to be powered by a hand-held drill (the drill was annoyingly loud).
Most of the motors and lathe came from my father-in-law, who got them free from various sources. The belt sander came from by father-in-law as a flea market find. The wire wheel and disk sander parts were very cheap from the hardware store.
Anywho, the point is that if you don't salvage that motor you'll find something you need one for and have to wait to find a motor for it or shell out to buy one. Or you'll have to go "shopping" the night before trash day with a can of WD-40, a set of wrenches, screwdrivers, and a flashlight :o)
Shawn