Thanks for the replies and great suggestions. I spent a few hours after work in the garage pulling the motor off to run all the checks you suggested. Ended up taking the capacitors off, cleaned them up in addition to opening up the motor housing and vacuming up all the black soot/dust in there. Swapped out the electrical connectors (they were all gummed up) and put everything back together.
oldred: While I had the belt off, I checked the pump as you suggested and there was no side to side movement on the pulley or slack on the connecting rods (as far as I could tell anyways). However, if I pulled on the pulley in a front to back motion, there is approximately a 1/4 inch amount of play. Is this OK?
Put everything back together, hooked it up again and to my surprise, the motor came to life! Verified that the check valve, pressure switch and unloader are all functional. Here is a video of it running:
Does it sound like everything is normal? To fill the compressor from 0-135psi took approximately 6.5 minutes and from 90-135psi it took 2 minutes flat.
This is my first oil lubricated compressor and wanted to verify if it is supposed to be this loud. It is not quite as loud as my old oil less Devilbiss but it isn't quiet either.
Now all that is left for me to do is to chase down a small leak. I am losing about 5 psi in pressure every 30-45 minutes.
Thanks again guys!