Grey,
The wires should be soldered into the contacts of the light socket. I'd try de-soldering them.
The drive wheel can be refurbished a bit to get the flat spots out of it.
If the motor is mounted to the machine with a spring loaded mount use something to space it out away from the hand wheel. Then take file, a curved surface one or a flat one, and wrap it in sand paper. Run the motor as you sand out the flat spots.
Or, loosen the set screw and move the drive wheel in or out so a fresh part of it runs against the hand wheel.
I've done both and it's worked.
I've tried with varied success to replace the rubber in the drive wheels but only one works good. I've replaced most of the others. I don't know where you'd find a drive wheel with a bobbin winder on it though.
Also, when you put the machine up, put half a clothes pin between the motor and the mount. That will hold the motor away from the hand wheel and keep flat spots from forming on the rubber part. I do this to all my machines that use the rubber drive wheels except my FREE model CE and that one is a solid mounted motor so I take the drive wheel off of it when I'm not using it.
Joe