Have you checked the capacitors (if equipped?) and the engine RPM? I have a Porter Cable H1000ISw, it's 10k, 19.5k surge. It's got a 20hp Honda motor on it. When I first got it, the output was low- around 108v. It ran great, but didn't *sound* right. So I checked engine RPM, it was low. A quick adjustment back up to 3600rpm and it puts out 120v/60hz.
Easy enough to check, might save you money, AND even get you a new tool out of it.
(new tool= laser RPM gauge)
I didn't think it's possible to adjust RPMs on a governed set motor. It sure sounds like a fast idle motor to me any faster and it might throw a rod, as fast as that motor is going it should easily be putting out 118 volts, 113-114 is not right.