I remembered this old thread and thought I would post my comments since I kind of went through a similar ordeal this weekend.
My Craftsman 60 Gallon Fake "6HP" (15 AMP) has been acting up where the motor just spins real slow at first and eventually it gets up to speed. The tank is dated 93 and I'm pretty sure everything on it is original.
Finally it got to the point the motor would BARELY start turning and eventually just stopped. Had some spare capacitors so I swapped out the Start & Run caps, still no good.
Broke down and got a new 5-SPL Leeson motor from Northern Tool for $235 + Tax. Should be a straight swap everything mounted up the same.
Swapped out the motor, re-did all the electrical wiring since the person before me was too cheap to use any connectors. (I got the compressor for free, so I can't complain). Aligned the belt as per manual, made sure everything was good to go, put back in its corner.
Fired it up... Started out good... around 40 PSI is started to slow down just like before! *grumble* Started making a little squeaking sound too... Thinking maybe it could be a bearing, or maybe I didn't tighten the belt enough. After about 10-20 seconds the speed picked back up to normal.... and as it was filling up it would randomly slow down then eventually speed back up... at 120 PSI the motor sounded like it was about to stop completely... *grumble*
WTF... It's a new motor so why is it doing this?!?!?! AAAHHHH...
Okay... Drained tank completely. Turned on with the valves open so it wouldn't build pressure... Ran great... Closed valves... started building pressure... 40 PSI it did the exact same thing slowing down! I turned it off and unplugged it. Tried turning the pump by hand and it seemed okay, nothing binding. Plugged back in and turned on.. Started out slow, eventually sped back up... Did the same thing as before would slow down at certain points but eventually speed back up...
Hmmm... Well let me pull the top off and see how bad of shape the reeds are in and the pistons and cylinder walls... Was very careful not to tear the gaskets so I could put back together. First off, there was a staple that was caught in one of the intake reeds, so right there I'm loosing efficiency! Pull the 2nd plate off... NASTY! Totally caked in carbon buildup. However the reeds were functioning and not broken or anything. Piston tops were dirty as well but the cylinder walls looked good. I cleaned everything best I could without breaking it down any further. Carefully re-assembled everything and plugged it back in.
Just for good measure I also changed the oil. Put in some Amsoil air compressor synthetic I had left over from changing a friend's compressor in his shop.
Fire it up again... Started out sounding REALLY good... Could definitely tell cleaning that crud out made a difference. Then just after 40 PSI is started slowing down again... AAAAAAAAAAHHHHHHHHHHHHHHH....
Okay... figure I would check all electrical stuff. Checked ALL connections in the cord, the plug in the wall, even the wires at the breaker... All good. Turned on the compressor and checked voltage and amperage draw... all good... even when it slowed down the amps were steady... weird...
Shut it down and went inside. Did a little google searching and came across a couple posts specific to the craftsman compressors talking about how
if the belt is loose the motor will go up and down in RPM and also you get the belt squeaking sound. Okay, well I thought I had the belt tight enough (as tight as it has always been). But what the heck do I have to loose. I couldn't tighten it anymore with the belt on, there just wasn't any place to get leverage. So I took the belt off, made a guestimate and re-tightened the motor down after making sure it was square. Put the belt back on and it was MUCH tighter. Double-checked alignment.... good enough... Opened valves... plugged back in and flipped her on...
BAM... starting out strong... sounds even better than before. Okay... close the valves and took a couple steps back... Slowly built up pressure... sounding good... reaches 40 PSI...
KEEPS CONSTANT RPM! Yippee!

Continue to watch it build pressure... no slow downs at all! Cuts off at 120 PSI without issues!
As crazy as it seems, I would have never guessed a loose belt could have caused the motor to hesitate like that. Now I'm not really 100% convinced the old motor was bad... Sure it was 20 years old... But it was doing the same thing as this new motor did when the belt was loose. Guess I'll keep it around until I can find a day to use / test it out, but right now the compressor is running good so I'm not messing with it anymore! I'm going to re-check the bolts on the head to make sure they are tight, then I'm putting it back in its corner and calling it done!
