This should spark some discussion...
Last weekend, I had to do an "emergency" top-bracket replacement on my 8-12, as the original split at the set-screw / upper pin boss right before a friend was coming over for an evening of record spinning.
So, the both of us got a crash-course in replacing the upper cast bracket.
When we got everything apart, we found the lower "plate" & bearing "cup" full of thick, sticky "grease".
I cleaned all of that out, and as we were getting ready to re-assemble, with new balls, I thought about that "cup", and what lube was supposed to be in there.
I thought about the "goo" that I cleaned-out of the bearing trough, and how much it reminded me of the brown glop I've cleaned out of oil cups on antique fans an other electric motors... goo that was once oil.
I also wondered about how that lower bearing/pivot was supposed to seal against air-leaks.
Soooo, I decided to experiment, and re-assembled by placing the bottom plate in the machine first, and installing the four screws. Then I placed the notched bearing "spider", and added some light oil, enough to cover the spider. I then I carefully dropped-in the five bearing balls. Then added more oil, to just shy of the top of the inner neck of the base. Then we installed the upper bracket and tone-arm.
If my theory is correct, the flanged bottom edge of the tapering tube will be submerged in the trough of oil, preventing any air leakage at this joint, but not creating significant drag.
The trough seems liquid-tight.
This machine is a family heirloom, and does not get moved around, so there's little chance of it getting tipped during my lifetime.
I'll check on the oil level in a month or so... if it has not leaked, I will probably remove the 3 in 1, and replace with a good synthetic, to reduce evaporation of volatile compounds.
I don't know what Victor put in there originally, but it seems that if we pack enough grease in there to seal against air-leaks, it might stiffen the swing too much ?
