No...it will be the stationary switch in the back of the motor not making good contact for the low speed. Check the orientation of the points to make sure they are not bent. Most likely they are just worn down from use and the switch needs to be replaced. If you are unsure what to look for a local electric motor repair shop should be able to fix it for a reasonable price and thats were you need to go for the part if you are going to try it yourself.
John
Testimonial: "thanks . will look into it."
SOURCE: I have a Magnetek 1
Check the voltage I've seen many times the motor runs because it is a higher voltage rating then supplied. Example a 220V motor with 120 power supply does this
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