These motors have been done to death.
Just put a search in for Taycol, read the posts that come up, dump the motor, and go for one that will work correctly.
No matter which way you look at it, you are going to be in for hell of a hiding to get it running sweet and interference free, so cut your losses, and forget about it. It is you who will have to do all the work, and pay for the mods to get it into (if ever) an acceptable state, not the people giving advice. Use the money to buy a good, modern motor.
Ignore all the 'well you should keep these old motors going' and such crap, and bring yourself into the real modern world, no matter how much it reminds you of grandad or whoever.
If you want to use it, put it on the floor for holding the door open in the summer.
I put mine to use in my shop, driving a Martek drill grinder instead of an electric drill, using a battery charger as a power source (picture if needed).
Bogs