and cleaned all the bits and mech and surprisingly I have also managed to put it back together this morning.
And again SURPRISE, SURPRISE - it works extremely well. I couldn't believe it and so it seems it was due to to all the dirt and old grease. Now it spins smooth and quick and pays out as it should. I'm more than happy and all this thanks to this forum and your advice guys - so thanks again.
Now the cabinet is getting ready for some fresh paint and some more chrome polishing involved. Illuminations almost sorted, just getting more bulbs and starters and soon I'm ready to roll! Just need some small bits to finish off, including '2p' badge that's missing. Anyone here has any bits for this machine?