Just for kicks I filed and sanded the centrifugal switch points because I could see a bit of arcing on them.
Put the motor back and blow me down it works. Now thats a cheap fix.
Started making a pin spanner for the spindle for a test, heavy interrupted cut, no problems.
Runs in reverse with half nuts engaged no problems.
Although I'm certain its noisier than before so I think I will get the 3/4 Hp and turn the shaft down so I can have the replacement waiting.
I would like to go the VFD with speed control but I really dont want all the hassle with sorting it out. (and the expense)