1. Have a Kenmore 84 that smoked when I got it. Called a repairman for a new motor, he refused to sell me on until the one I have burned out. He assured me that it wasn't going to catch fire, that it would simply quit working...perhaps putting off smoke when it quit.
2. Run it until it quits. My machine is still going strong with the same motor it came with, and it no longer smokes.
3. Hard to give you advice on parts availability when we don't know what you have. What kind of machine is it?
4. See #2.