Motor is in good condition, runs smoothly and quiet. In fact, as unlikely as it looks you could use this now, it is not obvious using the machine, the belt seems to support the weight of the motor.
The gunk seems to be a mix of epoxy, araldaite, silicone and god knows what else. I would guess this has been bodged up many times over many years,
I think the comment of “rubber isolation bush has perished & collapsed” is very likely the case.
I will be taken it to bits sometime next week, and trying to establish what is what. I had hoped someone might of said, ‘yes common problem, you can get the spare here for 1.99″