just some advice after doing this with my 301.
one, do not skimp on a plinth. use one of the tested/trialed plinth designs on many 301 threads. this is critical to reduce rumble.
second, you may need to disassemble your motor to lubricate its bearings as well.
third, do not touch the metal mechanical parts, gold color'ish plating, this is cadmium and poisonous, use gloves and consider having them striped.
fourth, consider the counter sunk plinth design it reduces the need to raise tonearm as much, granted harder to clean.
lastly, if you have excessive rumble it may also be the idler wheel is out of round from sitting so long. new ones are available, just make sure you get the correct one for your counties power supply ie 50hz or 60hz.