Based on the detail and the diagnostic from your post, I agree-It sounds like you could fix it. To me, "fixing it" is not the same as "rebuilding it".
If you want to fix it, take it off and have a peek inside. Two bolts (or screws) and it will be apart. You can examine the bushings and see if the brushes have broken, or worn down. If you are comfortable with removing and installing a bushing, kits are available on this site with the bushing, brushes and brush springs.
In addition to the above, I like to turn my armature after testing. I bought an old lathe and under cutter on ebay a while back and enjoy doing this myself.
My email is open if you would like a .pdf file with some basic generator test procedures.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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