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If soft/rubbery (RTV) picking is the only way. If it is black, relatively hard, then heat is the only way (and that stuff is nasty/messy.)
I'm going to guess it is softer, so picking it is best. As mentioned, you only have to get at that big cap first, and you need to be able to read the...
Just so one doesn't get one's hopes up too high, though capacitors fail frequently, it is entirely possible that the problem with the unit/regulator is not that capacitor, but is something else such as a pass transistor.
Function? Hard to say... Source: perhaps Radio Shack, or any of a bunch of online suppliers. Find the rated value, and I could find you a source for it.
Couple of questions:
1. Does the motor 'load' down when trying to run a higher loads, or does the voltage just droop to a very low value?
2. Is there any control panel on the set, and/or a voltage adjust control?