Andy gives a good answer. And I would add this: If you are good with a soldering gun, you can isolate the affected part where the cable has frayed, cut out an inch or so of that area, re-solder all the colored wires back, black tape it up, and presto! Problem solved

Of course you can't dive with it, but it'll be good enough for rain, or surf's edge type hunting (where only random spray of an occasional splash reaches that high). This is if it's a cable problem, and not the coil as Andy suggests is an alternative source of eratic noice.
The way to isolate the exact part where the fray is, is to hold on tightly (black tape it if need-be) then entire length, so that no movement at all is possible. Then wiggle/move small sections at a time. If the threshold maintains and doesn't chatter, then keep moving down the length. Eventually you'll find the one spot where movement causes the threshold chatter. Hopefully it's not right at the junction where it enters the coil, or the machine. Because if so, really hard to do a cut & solder there.
I used to use hipmounted Whites (which used to have wimpy thin chords). The constant wire movement d/t the hipmounting, left me having to do a cut/solder job almost every few months. I can't imagine how an un-moving chord (like if you used the Excal with a stationary rod, and not-hipmounted), would develope a fray in the line, but I guess anything's possible.