Does the 707 have variable speed? It might be the speed setting pot.
I did some repairs on 701s (previous generation) - pretty robustly built. Don't despair - you can usually get spares from Miles Tools in Shepton Mallet (even plastics). If DW have gone over to gears as you say (the earlier ones were wide belts), there may be a problem in the gear train.
FWIW, I couldn't get the guard to return very nicely, even when cleaned-up!
E.
PS: forgot to say: on the older ones, the blade shaft is pretty much the same length as the motor. It's a good idea, as it keeps the saw accurate (far less flexing if it gets asymmetrically loaded), but it does make it awkward to strip down. Did you check the blade shaft bearing next to the commutator end of the motor? It's quite a bit smaller than the main one - I'd look there first. Also are any areas of the casing getting noticeably hot in use? E.