Hi Steve,
Yes that's right. It unscrews and if you peer inside (a torch helps), you can see the High/Low gear wheels. The rear pair are easier to see than the front pair. You use the hole to blob grease on the wheels. A lolly stick does the job if you don't have a gun or a spray can of White Lithium Grease.
I don't think the smoke could be coming from the control box without you seeing it.
I doubt it's the motor either, but it's worth taking the plastic cover off the motor and having a look. It's held on by 4 small allen screws, two on each side towards the top of the mill.
Dave