I love the old motors, so I am biased; I would think about having it fixed.
A trick that usually extends older bearings a while - drill a very small hole in the outer casing. If possible, make the hole at what will be the top (as compared to the floor, surface of the earth, gravity and all that). Squeeze in some graphite ("door ease" I think, is a common brand you can find in small tubes quite cheap). Seal the hole with whatever method you prefer - solder, caulk or some really sticky grey/silver tape that can fix almost anything. This often buys you some serious time (years). But if the balls in the bearing are too far from round (run without adequate lubrication too long) you will need a replacement soon.