Hey guys, new to the group, started my own company but was a prior Green/Blue guy (biggest elevator company in the world). If that is an MRVF which from the motor it would appear to be. There aren't many of them left and are excessively difficult to trouble shoot and fix. When a a lot of these companies say "its obsolete we have to mod it" its usually false. But with this unit, the sooner you could get all of the change the better. That machine is an older system Otis used, the drop for the CW is a little further away from the drive sheave I have seen but the closet thing I can recall is what's called a 270 wrap (270 degrees of traction) not a bad machine if it is that. The groves can have Kevlar inserts made which I would recommend to do during the mod.

If you were going to MOD it I would try and mount up a new AC motor with a flex coupler. Have a motor shop come in and look at the mounting capabilities. They can get you the write AC motor which will work with most new controllers and drives. Smartrise controllers are my favorite non proprietary product right now. They also come with a 5 year warranty. Good luck.