Hi i have same model purchased from Cornwall 1985. So happy to read your post as mine started smoking or pushing dust out of the top yesterday. its almost 40 years since i bought it in March 1985. I have had one new motor probably 10 years ago and have removed rust and painted it. Did you ever resolve your problem please? If anyone else on the forum can explain why the trusted machine went rogue on me I would appreciate input because I am too old to carry it about and thought to pass it on to a tradie here. BTW for peoples interest I have the original papers so will attach some of interest to posterity. not many machines last so long these days. If anyone is interested i do have the original spares list too.
I am only guessing... I suspect that the motor windings might be failing.
I have a couple of 25 year old Festool CT22 dust extractors. I once damaged one of the motors (my fault). I didn't want to pay Festool prices for the replacement motor, so I sourced it directly from the manufacturer (Nilfisk). I saved about 60% but accidentally purchased the motor version without the overheat protection. It is still running fine though.