[McMurdo]

dont these normally have to be dynamically balanced after a rewind? They tend to run rather fast.
You also need to take precautions when dismantling a PM motor as far as weakening the field magnets is concerned. You need to make a keeper.

I'd be tempted to look for new one, these chinese treadmill parts are usually pretty cheap.
For example someone sent me in a speed controller blown up and the new board (I think it was a Reebok branded chinese machine) was about £18