My new recording setup

[Henry]

... I don't THINK it's the speed drops are regular thing, like every revolution or so, it seems to just happen when it feels like it. It may be that the governor is getting tighter against the other gears in one spot or something...I'll have to keep looking.

Yes, I had the same impression as you. I can't hear any regularity or cyclic repetition of the pitch variation; it seems top be random and irregular both as to period and degree of pitch change. Have you checked whether there is any slippage of the record on the platter? You mentioned the heavy weight of the Ultona....