Is my compressor shot?

Ok so I'll update everything here shortly. I've bought new "stuff", including the START capacitor (black one) that tested bad. RUN tested good. Had electrician with a good Fluke test for me. Capacitor also tested bad at local tool shop and they had a new one in stock! $20! A shout out to Larry's Electric in Peterborough. Great "toy" shop for guys and cool chicks. No valve and no air intake filter tho.
So new capacitor, I took pics before unhooking wires. BUT new one has an external diode?? Should it make a difference with my wire connections? I have 1 red and 1 black wire.
Thanks all!

Kendog 170 said

So when your compressor shuts off it's suppose to release the air caught between the tank and the compressor. You will hear it hiss at the pressure switch until evacuated. If it keeps hissing the check valve is leaking. Make sure the silicone and crap doesn't fall into the check valve in pic.

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Dicer said

The button on the electric motor is a thermo reset, if the motor heats up it breaks the circuit. If the button pops repeatedly over time it weakens by use. I would take the motor to a repair shop or find the means to replace the switch. The scrubbing noise is more then likely the centrifugal switch, it's like a first gear for cars......

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