Tools, Sharpening and Power Machinery - 1968 Air compressor pump rebuild

My old air compressor, 1968, is the craftsman 919.156680, 20 gal tank with a 1.5 motor. The pump did not had an oil change in the past 20 years, or so. It had about 5 ounces of old oil when I drained it yesterday. I filled the pump with 16 oz of non-deturgent oil and started the system. The system ran well for a few minutes, then slowly stopped with no pressure applied at the tank. The motor overload protection switch triped. The motor was hot. When the belt is removed from the pump, the motor runs, no load, continus. No heat at all. The pump turns by hand and compresses air, but there is a grinding noise each full turn.
I assume the pump needs to be repaired because there is a scraping noise when turning the flywheel by hand. So I disassembled the pump and found metal shavings, aluminum I guess.
Is there a guide to rebuild this type of pump or opinions as to what type of problem this pump experienced? Appreciate any help.

The pump is most definately not worth repairing.
I have priced smaller pump parts and it would cost more to repair that it's worth.
If you are handy you may be able to find a similar pump to replace it.

If you want to persue a repair anyway here is the info from Sears.
Keep us posted.

Click image:
<img src="http://www3.sears.com/Paul/Leadimage.asp?productTypeID=0703000&brandID=0247&modelDesc=CRAFTSMAN%20SPRAYER/COMPRESSOR&modelNumber=919156680&documentID=00033507&documentTypeID=PLDM&documentClassCode=PM&titleType=REPLACEMENT%20PARTS&titleID=00001&"> (http://www3.sears.com/)
Image credit: sears.com

Greg, thank you for your response. I will start looking for a used pump.