Sew- Classic.com will wire them for you for under $10. You probably need a new wire and they have them too. My 301 also gets hot and I won't hesitate a minute to get one of their electronic controllers. It worked well on my 221.
My husband wired it for me, but it was more detailed than I would tackle on my own. You may be braver. If you ask, they can send you a wiring diagram along with the parts, if you don't have them do it. Jennie is very helpful and they are in Ohio. They ship quickly. A good place to shop for parts.