Yup, the rubber grips the shaft. Guessing a stiff bearing or old oil inside as it will spin by hand but not with the rubber pressing a shaft or chuck jaws. Will (eventually) take it apart.
L7
Worn plain "Oilite I" bearing another possibility.
Waste of time, regardless - trust me. I have "many" S-W, bought NOS/NIB for only about $35 each.
Most are "Marine Diesel" because the top-end of 3000 to 4000 RPM was a better fit to my machinery than automotive ranges, hence greater dial-spread and easier to read.
If you have a genuine need? Mine is the "timing" of DC motors - out of their machine.
FAR better ranges (selectable) and finer granularity of readout would be to see if you can find a used but not abused James G. Biddle with the full kit, instead.
Seriously useful, dead easy to use, and lovely to hold and behold goods, the Biddle tachos are.
Otherwise, non-contact Hall-effect, optical, or mag-prox electronic goods are too cheap and ubiquitous to justify messing with a mechanical S-W unless
already built-in at the factory (Monarch 10EE, etc.)