This Mag is next to work on but I wanted to post it now due to the odd speaker arrangement and the glut of Mag amps on the Bay.
I worked on many of the later Collaros at a Mag dealer-shop in college in the 80s, and had similar experiences recently with VM and RCA changers. I now dread seeing two idlers under this one. Idler wheels are not cheap to rebuild but if that's what it needs.
Right now I'm working on the VM changer in a Motorola SK70MA (7M62)after recapping it. This Motorola is odd as well since it has FM stereo on the tuner selector, no multiplex chassis, yet it sounds a bit different switching from stereo to mono.
It is a lower-end cabinet (not Drexel) with Mahogany photo-finish.
I suspect that having an early stereophonic record changer was novelty enough and many Magnavox buyers didn't want to pay the extra $$ for a radio that was not stereo. It looks very plain without the AM-FM. The radio-delete option
as per MaxHiFi