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I have only worked on one Jaeger portable vane compressor, back in the summer of 2000, and it was one like yours. I can't remember exactly how it was laid out, only it had a funky dual-regulator setup for the throttle and compressor controls. Anyhow, the key here, I think, is that it acts up once it is warm. To me, it sound like the thermal mixing valve is not functioning correctly, or the oil radiator is plugged. Once the unit warms up, the oil gets directed to the cooler to shed its heat. If the valve has internal problems, or the radiator is plugged, you wont get proper oil flow back to the air end, and any oil trying to get out of the air end will "dead-head" against whatever restriction there is in the oil circuit. The thermal mixing valve acts just like a car thermostat, only it has two possible paths for the oil, through the cooler, or straight back to the oil separator tank, or even the air end, depending on the machine. This promotes a quick warm up of the oil, to minimize wear, especially in cold climate operation. If it's a common valve, like an AMOT, you can probably get a replacement thermostat insert if that's the problem.
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