I just got a reply from the person on instructables who stripped his motor down:
My motor runs cool. I rarely do heavy cutting with it, so most of the time it is running with very light loads. I suspect something needs attention on yours, I'm sure it shouldn't run hot.
When I dismantled the motor (see the instructable – search for 'myford', there were huge amounts of crud inside – dust and wood shavings, oil, and grease, etc.
I did have smoke coming from it once – I took off its drive belt and checked that the motor ran smoothly and freely – it did. I then checked the shaft on the other end of the drive belt (ie the driven shaft) and found that there was quite a bit of resistance when I tried to turn it by hand – it was stiff.
On an ML10, this is a 'counter shaft', with a drive pulley one end (connected by a belt to the motor) and a triple-stepped pulley the other end (connected to the lathe headshaft, which has a corresponding triple-stepped pulley).
I removed the triple-stepped pulley from the counter shaft (by removing a grub screw and then hitting the pulley off) and pulled out the shaft (complete with its driven pulley) from its bearing. More crud and grease (it should never have been greased – only oiled). Cleaned the whole lot out, cleaned the oilway, put it all back together and checked that it spun round freely.
Whenever I run the lathe, I oil the two end bearings of the motor and the counter shaft pulley. I never forget! The counter shaft always runs warm to the touch – I don't know if this is acceptable – but I can't do anything more!!
Best wishes, let me know if you find your problem!