Solidstate
Have the overloads ever tripped? Are you sure they work? Are they adjustable? I would think if your brake doesn't open the overload would trip. You could do a current injection test. Although most of us probably don't have that type of equipment. You could ask you local motor repair shop if they can test the overloads. But it would be less expensive to just replace them with solidstate overloads.
Here's my concern...
If you block out the break from lifting and the overload doesn't trip then the motor will take a big hit.
How do the stator windings look? What have they meggered out too?
