there is a lot of great info in here. i did not read it all, so if i duplicated something, my apologies.
i do agree that your mill is probably in good shape (a compression test or leakdown can tell a lot).
for your project, can you just [re]build another motor. that way you have one ready for when yours goes south, but that way you arent fixing something that aint broke?
that is the route i would go, if it fits in with your school project.
good luck.
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