a few rega basics
make sure that the nut that hold the arm onto the plinth from underneath is finger tight. (mechanic fingers)
get some gear box oil, and a long thin magnet, some lint free cloth and a couple of q tips.
Lift off the glass plater, remove the ''plastic'' sub platter, with the long thin magnet, reach into the now exposed bearing housing and remove the ball bearing. Wrap the Q tips with the lint free cloth and clean out the bearing housing, and the bearing. If you have any cleaning alcohol dampen a lint free cloth, wipe out the bearing housing, the bearing, and the spindle on the 'plastic' sub platter. Leave it for a few minutes to dry. Put a few drops of the gear box oil into the bearing housing, putt the ball bearing back, (you lost it?), then put the sub platter back, and the glass platter. It may all take a few minutes to settle back to the correct level. If you have overfilled the housing, this is when you find out, as it will appear on the wooden deck under the platter.
Clean it up and start again.
spin the glass sub platter manually, it should spin freely for ages. It did- good, put the drive belt into some warm soapy water and give it a clean, wipe dry. Then put a little talc powder into a polythene bag, with the belt, and give it a shake. Re fit the drive belt, (get your self a new one as soon as poss, they are not expensive and do not last forever. Give the platter a spin with your fingers, turn on the deck, and the platter should settle quickly at the correct speed.
Now to sort out the arm.
You have checked that the securing nut is finger tight, wind the tracking force weight to zero, and slide the anti skate to zero.
If you move the arm over to where the middle track of a LP would be, it should float just above the surface of the record, and very slowly swing back towards the arm rest. If not re position the balance weight on the rear of the arm until it does. When it does, put the arm back on the rest, and dial in the required tracking force, apply about 0.5 on the anti skate. Give the stylus a dam good clean with a stylus Brush, or if you are feeling brave pop into boots, and get a few of the pre injection wipes they sell, and clean the stylus by gently pulling one from the front to back of the stylus. Its not recommended for new carts but given the age of yours its going to need something.
Now have a listen to a few albums, you may need to increase the anti skate a tad, but you will hear it.
If you wish to upgrade later, then start with the bits that matter, sub platter, motor etc, but its best to add up what you think you want to do and compare that cost to a P3-24.