TrimixLeccy: Yes you are correct about the oil but this one had the oil changed out to something a lot less hazardous.. I THINK its transformer oil that you would find in every distrubution transformer manufactured now a days.. the old stuff probably was loaded with PCB's.. As for the switch mechanism not fully disengaging I have not had a problem with that if anything one of the contacts was bad for not engaging, thus single phasing the motor and tripping out the overload within seconds..
SO FAR.. so good ( fingers crossed).

A.D