After a thorough inspection of all the mechanics above and below the chassis, it is still a very smooth and quiet running machine to say the least. Absolutely everything works just like new. There's no rust or corrosion anywhere.
That's the good part. Now for the bad part...
First off, the left RCA is flaky. Under closer examination you can see the wire mesh shielding showing through right above the plastic plug. So every once in a while the left channel will drop out if the cable is agitated a little. That's not a big deal as I plan on replacing/upgrading this cable anyway when I build the wood plinth.
Secondly, and this is the important one, I have found the source of that "tick, tick, tick" noise that I've been mentioning. As I had the platter off, I plugged the unit in and started it in its motions to see the mechanicals do their thing. Since the platter wasn't there to hold the idle wheel against the motor, I lightly used my finger on the idler arm to let it touch the motor. When I did this, I immediately felt and heard that same ticking. (BTW, the spindle actually has to be spinning to get the mechanics of the table to move, so with no platter I used my other hand to turn the spindle.)
Anyway, after I spun the spindle enough to have the tone arm back at its resting place and the motor turned off, I took a good look at the idle wheel. What I found was a small "burned-in" groove in the side of the wheel where it looks like something stopped it while the motor was running and the shaft burnt the groove into it. I'm guessing one of my brothers or possibly my mom stopped or held the platter in place years ago at some point. Who knows, but that's why I remember this table having that ticking sound even when I was young and just starting to use it. If it wasn't for this, this table wound be in absolute mint shape inside and out.
This may present an issue as I'm sure it's not very easy to just happen across a new or mint idler wheel for a ELAC Miracord 40A, though I haven't even begun to hunt for one yet on the net either. Any suggestions on possible suppliers?
As always, here's a few pics to go along with the post...





If you look to the left side of the idler wheel, you can see the little groove with some "gold dust" on either side of it, and from the looks of it, it looks like it was on the 16 rpm section of the shaft when it happened.







