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Default Lathe, South Bend: Starter box problems

My 1950's SB 14x40 has a Phase-A-Matic static converter, connected to a
"Westinghouse Life-Linestarter", presumably original equipment, and 1
hp motor. The thing has worked fine for five years at least (I got the
lathe in 2000).

Yesterday I heard a clicking noise and saw some flashes of light while
the lathe was running. Today, I opened the box and observed while it
ran. Near the top of the box are three internal switched ganged
together, each connected to one wire from the phase converter. Switch
on lathe and it starts, but after a few moments of clicking and
unpleasant noises, the three-gang switch popped open and the lathe
stopped.

Side data: At high speed, the chuck (usually) has to be given a push to
get the thing to start spinning. That's been the case for some time.

So.... HEEEEELLLLPP!!

1. The light on the static converter comes on during start, then goes
off. Nothing to suggest that the static converter is the problem,
right?

2. I'm not electrically inclined but could take apart the Linestarter
and clean everything, then reassemble----IF you're pretty certain that
would fix the problem. I'd prefer not to mess with it.

3. Is there an alternative to this electromechanical starter? A
third-party replacement?

4. Buy a big 1-phase 220 motor and replace the whole shabang. I'd have
to get a new switch, wire it up for reversing, etc. I could probably
do that.

5. Could simply buy a brand-new lathe, after which my wife will
dismember my body and sell it to Wendy's, and I won't have no problems
no more.

Prefer one of options 1-4, or some other alternative. As always,
thanks in advance for saving me time and money, and helping me learn.

Best regards --- Terry "P'rfesser" McCreary