SME 30/2 Controller

The motor should be oiled once a year - with one small drop of the supplied oil only. A syringe of this oil is included with a new turntable. If you do not have one, you will need to order it from SME or an SME dealer. 

SME warns against over-oiling: one small drop. 

I very much doubt that you need to worry about the small amount of oil that seems to have emerged from the motor shaft. It may in fact be left over from a clumsy attempt to apply the oil on the part of the previous owner. It is, in fact, not at all easy to stop too much oil coming out of the syringe. Best perhaps to apply it first to the blade of a small screwdriver and then transfer it to the duct leading to the motor shaft.  

Thanks Pete do you know the type of oil for the shaft or get that from SME ? Is there a way to gage if shaft needs oil ?

1 drop on motor even after no use since 2009?

One drop. You need the SME oil. There should be a parts kit in the box with all the goodies. Damping fluid, tools, oil etc. You’ll need the setup templates and tools to properly dial in your arm and cart. The V isn’t terribly hard to setup, but the proper setup tools really are a must. I’m pretty sure I’ve seen the oil syringes and tools on Music Direct. You can order all of this through SME. Look at EBay too, sometimes you’ll see tools and what/not there.

The only guidance that SME give about when the motor needs oiling, apart from 'once a year',  is that it should be oiled if it makes a noise. Though exactly what that means is not clear. 

Your unit may well have been over-oiled in the past (this might explain why some oil has come out of the motor shaft, if this is what has happened). I would begin with one drop, and then see.

SME's insistence on not over-oiling suggests that they may have had problems in the past with people applying too much oil or doing so too frequently. 

As far as I know, the oil used must be the one sold by SME (it is apparently specially diluted for the narrow tolerances in the motor shaft),

Thanks everyone for your input. I am looking forward to listening to 30/2. The guidance you’ve all given me has helped ease my mind. I will use the existing controller as it seems buying a newer version yields few improvements. 
 Looks like all the tools etc are in the tonearm box. I will use the spare o-ring to get my measurements. The o-rings are offered in many materials, any input as to which is proper? 
 Thanks,

 Peter