You might get away with tearing the motor apart, cleaning the shafts and bearings and adding some fresh oil, but I doubt it will last long.
I tried that on a Miller mobile home gas furnace fan motor, the result was at the least opportune time (like 3 A.M) the fan motor would stop running.
The problem is the bronze bearings, once they grab any dirt they hold on to it no matter how much you soak them or clean them. They just gunk up the fresh oil.
Additionally you need to be aware of any shims, often on these motors there will be shims between the bearing and rotor. Often these are nothing more than plastic and wear down, check the shaft for in/out play. There should be no or very little play.
Buy a new one and be done with it.