Is the hum there with the P5 AC power to the motor disconnected?
Checking that would help with diagnostics.
If it goes away with P5 A/C disconnect, then it is the motor or cap.
If not.???
I also own a P5 but have never had any issue with hum.
You also might try a ground wire from the arm base to your preamp? Just lift a screw on the base and stick the wire under it and screw down. Even a very thin wire will suffice. IF that works, IMO a wire in the arm is worn/frayed. (most likely right where it comes out of the armbase under the TT board. You could flip it over and look at it easy)
Checking that would help with diagnostics.
If it goes away with P5 A/C disconnect, then it is the motor or cap.
If not.???
I also own a P5 but have never had any issue with hum.
You also might try a ground wire from the arm base to your preamp? Just lift a screw on the base and stick the wire under it and screw down. Even a very thin wire will suffice. IF that works, IMO a wire in the arm is worn/frayed. (most likely right where it comes out of the armbase under the TT board. You could flip it over and look at it easy)

