Simon,
Others will have a better idea perhaps, but the usual noise made by the centrifugal switch on running down a capacitor start induction motor is more of a click, following by a kind of gentle brushing noise until the rotor comes to rest. The normal sound is not as hard or sharp as a hand slap, and it is not activated until the rotor has slowed appreciably from normal running speed,
What has changed in your case I don't know as this appears to be new behaviour, but does the rotor still turn freely by finger tip spinning? The only other components inside that are affected by rotary action are the bearings on the rotor, but I would expect those to be making sounds of distress when the motor is at speed rather than as you describe.
I suspect you will have to split the motor to establish what has gone wrong. It is not difficult, but make scratch mark the bell housing joint faces with the body of the stator to restore alignment on reassembly before unbolting the four tie rods through the motor holding the bell ends together. Open with care, especially at the cable entry end, the bells may well be a tight fit and tapping with a nylon faced hammer or similar is recommended. Exploit any joint gap opening with balanced gentle leverage on the opposite side.
The centrifugal switch may have balance weights that are flung out sideways against a retaining spring, clean all parts with switch cleaner and test the action. There might be two springs opposite each other, one may have broken in which case find and remove the debris, and replace both springs with a similar pair.Also clean the switch contacts with a strip of fine emery folded in half slipped between them and then remove abrasive residues.
Bearings, if simply needing lubrication, will feel tight until the oil has done its job. If worn they will be sloppy, noisy and feel gritty and need changing.
I don't think they are your problem, but look anyway. Rebuild the motor and reconnect it electrically just as it was when you started. Use the sketch you made of those connections before you started.
Now test it. If it is not back on the machine, then wedge it securely on both sides to stop the starting torque reaction trying to roll it over. Don't try holding it by hand, good solid blocks either side are what is needed.
Regards Brian