Hi striper2
Your motor is an old timer and like most old timers ,you cannot stress it too much.You don't mention the nameplate SFactor, but even at 1.15 SF it should only run at no more that 13.2 Amps for the type of cycle you experience.
If this motor has to run for 15 minutes drawing 15.4 amps, it is possible that motor overload protection is non existent.If it has never ben overhauled,perhaps it is time to refresh the bearings,clean windings and double dip same.If you do that, it may last a good number of years
once again.As you say, your motor is critical whenever it is needed.Just for some peace of mind I think I would do an overhaul.This motor has paid its dues many times over.
I do believe in condition monitoring but there are extenuating circunstances and I think this is on of them.
Thanks
GusD