I believe the blade is on backwards. With the connecting rod spinning counter clockwise it will pull the back end of the saw down to engage the teeth and tend to lift during the push stroke. It will probably cut better with the teeth pointed toward the motor
I think you should show that you have discharged the capacitor properly. I worry every time people are holding them incorrectly. Please and thank you :)
Be very carefull and use protection (face mask, gloves) when removing paint from old machines and ba wary to remove any dust. It was very usual in old times to use lead based paints, especially base paints. Lead is extremely dangerous and it is poison. I advise you to use some kind of chemical paint remover and not brush wheel.
