Well....I set it on the bench and ran it a few minutes. No smoke. Took the cover off.....blew the dust out....jiggled wires which all seemed tight. Cover back on, turned it on and ran a good 5 minutes. Nothing bad. So.....mounted it back on the stand. Ran it again for 5+ minutes, all good.I have an old, smaller Baldor I use for polishing that did that to me about 6 months ago. Opened it up and found the capacitor all swole up (and stinky!). Google helped me find a cheap replacement and it was up and running again a couple weeks later. Hope yours will be a simple fix.
So....don't know what went on, but seems good.
On to other things.....