Well I'll be! It works!
Cleaning the mode switch did the trick. I soaked it the best I could last night, exercised it a bit, and then let it dry all night and today. Tonight, I put the switch back in and now she plays, fast forwards, rewinds, and ejects with zero hesitation! Who'd thought that a little grease seeping down over the years could cause so much trouble?
Thank you again for your suggestions to clean it. Unfortunately, I have another issue to tend to now that I can play tapes (starting a new thread) but your assistance has been greatly appreciated.
@Ed: I am pretty sure I watched the same YouTube video after you made that post.