Restore it, or, get a different deck, restored, or, if handy, and want the experience, restore it yourself. The mechanics are not rocket science, and miniaturization had not occurred so you can see stuff/fit fat hands and tools inside.
My R2R is the best sounding source I have. I play Sgt. Peppers, 1st CD, wonderful. Then I play Sgt Pepper LP, everyone always picks LP. Next I play Sgt. Peppers R2R, Holy Crap, my nephew, a musician cried. Without fail noisy analog tape beats everything else. Then, I switch from McIntosh 300wpc SS to 30 wpc tubes, again, everyone chooses tubes.
My take: Analog gets both the fundamentals and the overtones right.
Work on your 2 track, or get a different machine, i.e. 4 track, 6 heads, auto reverse?
What is your intended use/ It makes a big difference. A 2 track machine is pretty limited. Record? Play pre-recorded? Existing 2 track tapes? The bulk of pre-recorded tapes are 4 track which that machine cannot play. Beware of old home recording tapes, some tape formulations have technical issues of dissolving layers.
I have mechanically restored about a dozen Teac’s, Two 2 Tracks, One 4 forward tracks, the rest 4 tracks (3 heads, you flip the tape, or 6 heads, auto reverse). the moving parts are essentially the same. I have 3 others downstairs to mess with when needed, and some carcasses for spare parts.
Have or get manuals, owners and service.
All new belts. New pinch rollers IF available, and IF existing ones cannot be restored. Even if they can, keep an eye out for a good price for a new pair. Study, ask ahead of time, parts will need to be disassembled to replace belts, clean flywheel, remove old and put new lube.
The internal lubricant turns to glue, and the belts dissolve, turn to glue, get rigid, flat spots, ... The pinch rollers, IF they don’t have flat spots, dents from leaving in play position, age cracks, maybe can be revived with rubber restorer. All controls need to be cleaned with contact cleaner/lubricant (not just cleaner), the brakes, ff, rw, adjustments on the motherboard need to be re-adjusted, all shafts and bearings need to be polished clean, old lube removed, new lube. The reel tables height need to be aligned to spool the tape on the reels properly, especially ff or fr. ..... The brakes may need to be adjusted.
When you get it going, get a clock, put on a reel full of tape (heavy, harder to control), play, reverse, then check how long to ff or fr a full reel of tape, i.e. motor speed. I have removed motors, disassembled, cleaned rotors, brushes, bearings, reassembled. Stop both reels properly from fast forward?
That’s not mentioning any electrical issues, which your lightly used unit should not have.
Head alignment? Head wear? Again, should not be an issue on your unit.
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I looked up your model, several variants exist:
"Depending on your needs, pro or domestic, Revox offered quarter-track or half-track formats, and speed choices of 3¾ips/7½ips, or the high-speed 7½ips/15ips configuration. Variants also included half-track, quarter-track and slow-speed versions 1 7/8ips. Details included precise relay controls; accurately calibrated and illuminated VU meters; a four-digit tape counter; photo-electric end-of-tape switching; easy access to the heads for adjusting, cleaning or de-magnetizing; plug-in circuit boards for easy maintenance or upgrades; separate output for headphones with dedicated volume and balance controls; switchable EQ (NAB for recording and both NAB and IEC for playback), plus special features for editing. Inputs included switchable high/low Mic, Radio and Auxiliary."
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You say you have 2 track 7-1/2IPS. That machine is consumer speed, (not pro 15 IPS), and of an era when 2 track pre-recorded tapes were still around, but 4 track tapes were taking over the industry. 2 tracks, home recording, including recording one track first, rewind, add other track. This gave way to 4 forward track machines, a jump up for musician’s/bands home recording, then studios got 8 tracks ... 16, 32, 48 check out Jeff Wayne’s War of the Worlds.
The 2 tracks are wider than 4, thus double the magnetic material for the signal than narrower 4 track tape/heads. So, at same speed, 2 track sounds better than 2 narrower tracks you get using 4 track system. I have some pre-recorded 2 tracks from the late 50’s (tape went stereo in 1956), best sounding, even 65 years old, however, content is very limited by the era, as is the content of pre-recorded 4 track tapes. btw, I bought over 500 4 track tapes on eBay, and sold more than 150 on eBay, it is astounding how great these old tapes sound, unbelievable really, but true.
Reel size is a separate issue from speed.
2 track machines, if stereo, one direction only, thus playing time only half the playing time of a 4 track tape that play’s in two directions.
Good luck with whatever you do.