Hopefully the pics show up. This is how she came to me. The vari-slo worked, but wouldn't go down all the way to the slowest rpm, I don't think it was properly positioned on the column.

Well, I decided to forego the second color for now. It's about 120 degrees in the garage.
It's only 120 in your garage? You must have air conditioning.
Changing the motor bearings is a breeze. I got them in Phoenix at Bearing Belt and Chain on Buckeye road and 7th street.
http://local.yahoo.com/info-20010043-bearing-belt-chain-phoenix
My motor looks a little different than yours but the part size / number I got are:
Bearings Limited, 6202X16MM ZZ. If you go to Bearing Belt and Chain with your old bearings in hand they will be happy to help you out.
Try some CLR on the motor band. I soaked some paper towels in CLR and just let the paper towls sit on the rusty chrome band for a while. Then I used a not-to-tough scotchbright pad and then some stainless steel wool.