If it's unreasonably noisy I lean more towards rough ends on carbon brushes, or they are worn down. Lugged belts can be noisy if they don't align perfectly (pulley to hand wheel groove). If you have oiled the wicks (or oil points for the motor axle bearings) with literally one drop of oil, you can give them one more. Very dry wicks / wadding can need one more drop. It's a risky advice, but it works well when done just right. I guess you have to open the motor to make sure.
Just to make sure; oil the rest of the machine well too, the winder is up and not running.
Last edited by Mickey2; 01-18-2018 at 05:23 PM.