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Jake --
Since my habit is to own (for years) old 240 bombers—and a nice one now 'n then—I've gone through this, and solved this, seven or eight times. All were successfully fixed without a new cable.
And some hoods were impossible to open before this remedy.
Here's how I did it.
Disconnect the front end of the cable, including the small clamps behind the battery. Pull the cable out so you can "up-end" it for two or three feet.
Fit a 2' long piece of 1/2" diameter plastic hose (clear is best) over the end of the cable, and secure with a small hose clamp. You need hose with an inner diameter large enough to fit over the loop in the cable core. (I had to insert a 1" long piece of extra hose, slit lengthwise, under the 1/2" hose to act as a "gasket" and take up the extra diameter.)
Up-end this hose, cable attached, and secure it to the open hood. Pour in several tablespoons of light motor oil.
Apply air pressure to the upper end of the hose, forcing the oil back into the cable. If you don't have compressed air, allow this arrangement to sit overnight—eventually the oil will flow back through the cable.
Be sure to place a rag on the floor directly underneath the inside end of your hood cable (why do I recommend this?). Better yet, wrap the rag around the inner end.
Once oil makes it through the cable, remove everything, clean up, and reinstall the cable. It will take a short time for the oil to evenly disribute—but six years after doing this to my '82 bomber (340k miles) the hood still opens easily.
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