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The whole world runs on smoke. Electricity is just another form smoke. Once you've let it out you'll never get it back in there.
But seriously rewinding that motor will prove to be a daunting task for someone with no experience. I don't say that to discourage you from learning something new by any means just know it's not as easy as it looks. You may beat $300 at a local rewind shop given the size of that one but not by much there is a lot of copper in there and the bars need to be dressed up. A good shop should replace the bearings and properly seat the brushes as well (not let them wear themselves into full contact with the commutator). Just out of curiosity what does the stator look like? Should you decide to attempt yourself keep it posted I would love to see your progress.
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