Adding my experience to this, I just had mine get to the "starts working again if you hit it" phase after 4 months of use. Hanging on the rim of a 10 gallon, no check valve, and adjusting flow/pressure with a valve attached to a T, bleeding off excess to atmosphere. Upon disassembly, I also found some nylon shavings, and no indication of lubricant of any kind. But the off-center hole not yet significantly enlarged or disformed.
I cleaned out the shavings and applied some teflon lubricant to the offset hole and shaft. It now starts up without percussive maintenance and is now working at a significantly higher rpm.
I will now use it as a backup air source rather than primary, and periodically monitor it. If the wear continues and becomes progressively problematic, I may experiment with making a bushing for it.
Also, has anyone opened up the new co-op air pump yet? Would like to know its construction and possible longevity issues or the possibility of maintenance and repair. I know the co-op is good about replacing faulty units, and disassembly voids any kind of warranty. But personally I would always rather repair a device than replace it.