[Welsh Anorak]

I'd say not - they used a simple two-valve circuit with pretty good capacitors. There's an odd low-value fuse on the back panel (80mA?) that blows for no obvious reason and can fool you. Low sound and a hum is due to a 150k resistor in the first preamplifier stage.
Other than the belt cracking and the odd little wheel on the function switch detent (yours is an early version so should be OK - if not an old pinchroller and some ingenuity will do) there's not much mechanical to worry you. Sometimes the motor can be a bit reluctant to spin, but a bit of persuasion does the trick.
My first tape recorder when I was very young was a TK124 and was miles better than the Ferguson I replaced it with. That's the posh version with the proper level meter and lots of Sixties chrome!