It is unlikely that worn brushes can cause a drill to smoke. Sparks, intermittent operation
Sounds much more like the winding have been overloaded, not an economical repair unless you know someone.
If the brushes are long enough to make contact with the commutator then it's probably not fixable. Can you see any discolouration of the windings ie are parts of the winding marginally darker than other parts? It could also be the built-in electronics which are surprisingly complex in modern cordless tools but the problem is if it costs you half the value of a new one to fix it you're still left with an old drill that's likely to fail elsewhere at some time soon.
These Official Forum Sponsors May Provide Discounts to Regular Forum Members - If you would like to sponsor us then CLICK HERE and post a thread with who you are, and we'll send you some stats etc