Just my 2C worth. I would remove the brush holder, and clean thoroughly, (the lighter fluid would do the job). Next, Take a paper clip, pound one end flat, and then scrape the built up 'fried' oil out from between the armature segments ( this is where the smoke is coming from). Next, and "MOST IMPORTANT", is to run a ring of 2 part epoxy around the end of the commutator segments closest to the windings, to secure the segments from moving. A certain amount of heat will build up when running these antiques, and the commutator segments have a habit of 'loosening up' and the brushes will catch on a segment and 'fly' apart. The result will be about a $65 repair bill from Bob Hannon. Good luck!! Harry 
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