I'm with John, it's a little hard to see exactly what we're brain storming here. It looks like the field coils are still in the old motor housing. If you are trying to go for a vintage look without doing any damage to the old motor it's going to be a little complicated to leave the coils and try to mount the motor in the coils. While the doughnuts might be ok to hold the motor centered I'd personally be worried about air circulation and there's the sticky wicket of how to hold the motor steady under load. If the coils weren't there it would be fairly simple to make mount and bolt it down to one side of the motor case. That old of a motor isn't going to be very efficient and could be close to impossible to find parts or somebody to fix it. I've had old motors rewound and in my case it wasn't worth the $$$.
I too have fallen down the treadmill motor rabbit hole. So I've been doing a lot of looking on treadmill Dr. Com and eBay and what I've come too is its a lot more to know than I thought. There is a ton of cheapo motors out there on the cheap treadmills that you run into a lot. But on the higher end treadmills like gym models it's another world. #1 being they are keyed shafts(not threaded) have fans, can be taken apart and are not throw always like the cheap motors. They are way heavier duty and seem to be more conservatively rated. Not knowing anything about treadmills I was checking the local Craigslist and there was a StarTrac 4500 for $50! It was an old gym mill and while rough in appearance the electronics/motor worked perfectly. When I took it apart it had a new motor by a tech who wrote the replace date on it. It's almost 30% bigger and heavier than the other motor I got out of a home mill. The home mill was rated at 3hp and the new one is rated at 2.5hp.

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