Days before I rebuilt my BSR, I took a look at the mechanism underneath..... just like you, I saw a lot of levers and arms made of METAL... and I thought I'll be unable to do it.
But, I made myself brave enough....... then I stripped my BSR to the bone, laying all disassembled parts in order, cleaning them, relubing them, and re-assembling them. Even the motor was removed from the chassis and was cleaned & relubed.
Disassembly is EASY, re-assembly is also easy IF you can remember where the parts are originally located.
Yes, bearings and their slots must be cleaned thoroughly, and you must relube them with fine machine oil.
Do NOT use ANY OTHER solvent other than lacquer thinner for cleaning metal parts. USE ONLY liquid lighter fluid for cleaning plastic parts in the mechanism. This is what Joel (of The Turntable Factory) does in the turntables he get.... it works. He's been doing it since 1968.
It takes about 2-4 hours for a beginner to do a self-rebuild. I tell you: YOU CANNOT FIX THAT LAB 80 WITHOUT GETTING THE AUTOMATIC MECHANISM COMPLETELY DISASSEMBLED AND CLEANED. That's the only way that you'll be able to fix the lever problem and OTHER problems that you may NOT notice. This is also the time to slightly bend and/or adjust some parts that do NOT work properly. After it, you'll have a fully-working machine that'll not need servicing for 15+ years.
Remember, I'm only a 14-year-old living in Philippines (South-East Asia)... away from the turntable experts of the U.S.A..... I was able to do the strip-to-the-bone rebuild without any assistance from an adult. Thus, I'm expecting that an OLDER person can rebuild his turntable! You can rebuild your Lab 80! You can do it!