Duane Bozarth writes:

Given that description, if I can't turn it on, at least turn the arbor
by hand to try to check state of bearings....if it isn't frozen and
feels smooth, I'd give $2-300 at most.

A tip. (My 1968 34-300 bearings just went, and you can't get them
anymore).

Put a saw blade on the arbor and remove the belt to test this.
Without the weight, the bearings were smooth. With the extra weight, the
roughness was more obvious.

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