Although inductors certainly do fail from time to time, that particular one is extremely robust, relative to what it's called upon to do. If it has failed, it is a victim of something else (e.g., a leaky capacitor in series with it -- it's C1 on a Plus/512/128; look for a 3.9uF or 4.7uF nonpolar electrolytic). Even if it's overheating, it may be fine.

Given the frequency with which the nonpolar cap fails, I would just replace it as a matter of course.

It's also a good idea to verify the supply voltages at various locations around the system. For example, see that +12 and +5 are within spec at the floppy drive, hard drive, and at the analog-to-logic board connections.