To cut or not to cut

Another question I have another top 1932 and this one I know is burnt out. A few years ago I put an Annie 2 on it with 220V and still nothing just some burnt wires. Anyway. I been putting it off for a few years now but since the one in my house quit which I think it a start relay but no real sure . I been thinking of cutting the old compressor out of it . But not real sure which was is best way but do I need to drain the oil out or not if I cut below the weld?  I have air grinders with cut off wheels a plasma cutter Just about anything that will cut metal. I was thinking of using the air grinder with cut off wheel and have a stream of water running on the cut. I was either going to repair the comp or install a new type one installed into the cavity of the old one and hooking it up to the condense. Has any one done this and what did you do to cut the compressor out the safe way.
Jack.