Those are great suggestions. I'll start by photographing the mechanicals and then proceed with the cleaning process.
I never gave the tension spring much thought until now. The counterweight is a little annoying because there is no fine tune adjustment so I think removing the spring and adding a counterweight that threads on rather than just slides on would be a huge improvement.
Cleaning up the idler wheel seems straight forward.
The last thing would be to lube the moving parts. Any suggestions regarding the type of grease? A local electronics shop suggested white lithium.