I have a similar machine, and I seem to remember the main problem was just the rubber tyre round a motor or idler pulley (long time ago now...
) but a large O-ring was all that was needed.
Methylated spirits is pretty good for removing 'goo', but as has been said, keep plenty of clean rags to hand and don't touch the stuff. It has a tendency to transfer itself onto adjacent clean surfaces, where it sticks like... goo!