I agree with getting it checked out, right off it looks like the bearing packing is leaking.
But it all depends on what's in the Peckerhead in respects to the wiring methods of the motor. You'll be lucky if is just a 240/ 2 pole with neutral squirrel cage motor. I'll assume that you have this but per the size your about over the size of a type squirrel cage motor. Most popular motors are the typical squirrel cage, like your fan blow in da house.
Don't let the motor shop snoker You. Call ahead for pricing and service mechanic time. I doult it'll be flat hourly rate. Or even a one price covers all either. Call two Shops / shop around.
Scrap price is deceptive, they will (locally) give a price per unit of a motor but that's not refective of copper price. Remember they have to break it down for the copper.
If you do scrap it, rip the good stuff out yourself and it will only be 1/3 +- or less of the total weight of the motor. In other world's your working for the price of copper/per hour of distruction, depending on the shadness of your scrapper Cu is + - 3.00/lb. The magnets is nothing special to the Scrapper and will not pay nor express special interest in front of you, the remained of the bulk of the steel is +- $6 per 100/lb.
Take the Fier tool to it, if required!