This brings back dim, distant memories...!! The PL-12D was a good budget deck and was sold in competition with the Garrard SP-25 (MK whatever..) in the 1970's.
In the past we have worked on some of these decks for clients. Most of the speed problems originated from the motor and usually this was replaced. The original motor is no longer available but there is a motor kit still available that will revive the unit but it costs around £70 (approx US$100) in the UK, so it may not be a cost effective choice for you.
Belts are still available but this is unlikely to cause your fast speed problem.
We have a circuit diagram somewhere in the files and I'll see if I can locate it and double-check if there is anything you can check on, but dim memory tells me that other than reviving the motor there 'aint much else you can do.
Regards, Richard.