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Yes, IMO that stuff on FVM (and some other brands) motor armatures and flywheels is some sort of (epoxy?) putty used to balance the motor/flywheel unit. In my experience that stuff is hard and blue in color. That is why I think it is epoxy putty. Those balanced motors also have one pole marked with white paint, but I also have seen all the poles numbered 1-5 using white paint. I would not remote that stuff in fear that the motor/flywheel unit will not be well balanced anymore.
But it's not well balanced right now!