watureckon, after removing all of the garbage wound around the spindle, you need to take a very close look at the bottom bearing, or the separate oil seal if it has one. The wire-winding process creates large side-forces on the reel of wire it creates, and these routinely destroy any oil seal involved. They can also crush the sideplate and seal of a ballrace.
If you soak the belt pulley thread in Penetrene for a day, and remember which way the thread runs, you should get the pulley off without much trouble. Of course if the blade plate spins freely after you've removed the wire wound around the spindle you may not really have to drop the blade plate out of the bearings, but you need to be confident that the bottom bearing's lubrication is not compromised. If you are in doubt, best to replace it now while you are working on the machine.
