I do very much appreciate all the replies!
It is a metal pedal, and I have opened and inspected it, and it is clean as a whistle and the wiring is in perfect condition. There is nothing to be "fixed".
I think I will continue to use it, but -carefully-, heeding all your various warnings, and am keeping it unplugged when not in use and also am in the room for a good long while after I stop using it.
I do understand that when sewing a low speeds, it is normal for any foot pedal to heat up. This in itself is normal and harmless.
I like the explanation that was given earlier in this thread about moisture needing to burn off.
I will keep you posted if anything develops. I will hope for an outcome more like Macybaby's than Tessagin's. ;-)
Thank you all again.