Tacho generator problem.
Does the spindle motor use a tacho genrator for speed measurement?
As they get old brush type tacho generators need brushes replacing/serviceing.
The tacho generators are quite often directly on the end of the motor spindle.
Dismantle with care. Quite often VERY fragile internally.
Do not confuse with the shaft encoder driven from the main spindle, which is used to synchronise threading.
When the tacho is not working correctly, threading usually suffers wobbly pitch as well.
Super X3. 3600rpm. Sheridan 6"x24" Lathe + more. Three ways to fix things: The right way, the other way, and maybe your way, which is possibly a faster wrong way.