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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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