40% of the stall current is 34A. That's quite a bit of heat dissipation for such a little motor (408W).
What was your gear ratio back in the day?
Here's the data from the BB website.
Here's what I'm interested in.
Quote:
RPM - Peak Eff: 17000
Torque - Peak Eff : 8.84 oz-in 62.4 mN-m
Current - Peak Eff: 10.9A
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So that means that Bane Bot's recommended configuration is to run the motor at 17000RPM, right? (And correct me if I'm wrong).
Well, if I was thinking straight (which I never do), then you were running the motor at 306RPM * 25:1 gear ratio = 7650RPM, well below their peak efficiency.
What I don't get is how it isn't dissipating enough heat at 7650RPM. That little fan is going pretty well at that speed and should be able to dissipate the heat.
I'm going to go with the reason being unknown, and go with what John said and call it baby smoke.
Maybe you can add one of those little muffin fans to the motor to force more air on it (like from the back).
Without a little more information, I can't really complete the full puzzle. Like did it smoke while it was running the elevator up, or after it stopped at it's set point?