If it still works under no-load but has problems underload, I would go ahead and replace the bearings and grease. Follow the setup completely by the book not skipping anything. On the motor I would replace the brushes while it is apart (they are prob. 35 + years old)or have a someone at a motor shop or alternator repair shop do it if you aren't sure how.
I have 3 wide frame and one narrow frame electric lifts that have no problem lifting my tiller or harrows.
Good luck
scleve
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