In preparation of getting a new fangled VFD to power the Monarch I removed the no longer safe/necessary three phase circuit breaker and previously gutted mag switch. I will probably reuse the drum switch to control the VFD. More on VFD install soon.
Looks worse than it is. All motor leads are in good shape. 
Major cleaning of motor vents in progress. 
Breaker, empty mag starter box and drum switch removed. 
Motor leads remain.