Electric motor experts?

[Mr.Kenny]

Someone here must know something about electric motors so here we go.

I have an old fashioned V twin two cylinder jacuzzi air compressor, belt driven with a 2 hp Doerr 1 phase 110v or 220v 2 capacitor (start &run). The Motor is made for continuous running. It doesn't shut off while using the compressor.
I have it set up in the 220volt mode.

I was running the compressor the other day and I heard the motor quit... and then moments later a loud pop. The 'run' capacitor had blown up with oil going everywhere.
I put another capacitor on the motor and the motor sounds awful; it turns, but sounds like it is drawing way too much current like it is fighting itself internally. I can only turn it on for a moment at a time or it sounds like somthing bad will happen. Oh; I took the belt off so it is just the motor turning itself; I can also spin the motor by hand freely.
I took apart the motor and can see nothing wrong; no obvious overheating, no frayed wires; no burnt smell; in fact it looked like new. I cleaned two small electric contact points that are operated by some kind of centrifical govener. Put it back together and still no change; just that awful sound & strain of too much current draw.
How do I go about seeing what is wrong with this motor; or does it sound like it is trash now?