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I like white lithium grease, it seems to stay put and holds up well. Thankfully, Collaro used a decent quality grease at the time of manufacture, and it's usually not hardened up like tar (like BSR turntables). Remove the "C" clip from the spindle and lift off the platter...you will see the two idler wheels.
The stereo indicator light is the same style base as the dial lights, but its a lower voltage. If you put a standard #44 bulb in it, a stereo station will only make it glow dimly.
The audio quality on these are very good for being solid state. You might ought to take a close look at the electrolytic capacitors in the audio sections, and if they are Nichicon brand, replace them all. For the first 5 or 6 years of the solid state line, Magnavox bought a lot of caps from Nichicon, and they are at the age now where they are getting leaky. I've brought several Magnavox consoles back to life by simply recapping them. I had a low end 30 watt model last year that sounded good, but after recapping it, it sounded even better.
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