If it works... Don't touch it!

[soundgen]

Hello "soundgen" The "RED GUNK" you mention that you found on your old horn gramophone motor, MAY have been rubber grease, mainly used in situations where there are rubber components, such as rubber brake boots, etc. I know the grease and have used it on the "Girling" brakes of my pre-war cars. It is readily available on e bay, and is quite cheap. there are tins of about 50gm and 100gm if I remember correctly.
Another motor item that may be worth a try is copper grease, or molybdenum grease.

Looks like it could be! http://www.redrubbergrease.com/ Do you think it could have a noise reduction effect ? I'll get some an d find a noisy motor and test 1