Craig,
You are in an in-between situation like Keith has said. Do you want to pay to refurb an older mount or put the same money into a brand new one? Not considering the drive system, you probably want to put in new bearings and perhaps new high-precision worm gears as well. That may amount to 300-500$ in parts if you want to do it yourself. Not sure what Losmandy charges for that service, but you would need to contact them. If you are handy, we might be able to help you redo and relube the main mount body. Perhaps you can get it operational as is, but fewer are still using the 492 that have reported in here. You might be able to find a used Gemini 1 or Gemini 2 system and retrofit yourself. Some guys are now adding the OnStep control system (which has its own forum) which requires some electronics assembly, or someone with the skills to do it for you.
Or you could also sell this one (and get ~$1000 perhaps) and use the funds for the brand new one. You'll need to do some pricing and investigation as to which route you want to take.
John
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Losmandy G11G2 on pier; Losmandy G11 with OnStep (rebuild in progress); SkyShed design roll-off observatory; ZWO ASI2600MM-P; ZWO ASI071MC; Sky-Watcher Esprit 100 ED; Celestron C925 Edge HD with 0.7XFR, William Optics Zenithstar 61 APO; PHD2, Sequence Generator Pro and PixInsight user
