Hi Dave ,
Well definatly sounds like a canidate for a rewind ! , i hazzard a guess that the motor is a Baldor , but as i know from experience ! , the usual fault with these is exactly what you suspected a winding fault probably shorted due to over heating , but i’d suspect more to do with age than anything else . you may pick one up off Ebay or go for a rewind if you’d still like to keep it running on servo’s .
you should be able to find a suitable motor as a replacement resonabely easy
by the size i’d recon it’s about 6 – 9 Nm
changing to steppers is feasable , but more work involved as you say changing the analog driver board , you can still get analog input driver boards to stepper but few and far between and probably over budget !
if it were mine i’d go with getting the motor serviced , ok expensive but probably never needed to be done again in your lifetime ! , or pick up a comparable motor on ebay the last ones i got cost me £65
Dave