What I did...
I took the motor apart, wiped the armature down with a dry rag, then blew it off with compressed air. I also sanded the commutator down a little bit. I then replaced the front ball bearing, and added 3 drops of oil to the rear sleeve bearing. I made sure that the brushes slid in and out freely in their holders. Then, I hooked the machine's motor up with another vacuum cleaner I had laying around in series, and used a carbon brush seating stone on the motor, then wiped the dust off of the commutator. Next, i ran the two motors for 20 minutes. It still smelled a little bit like ozone at first, but it gradually got better. In fact, I only got it back together a few days ago, and it still smells a little bit, but is not noticeable unless you breathe in the exhaust directly.
Hope this helps,
Thatwasherguy.