Rolloff, the internal wiring of the SME IV is a metallized ribbon, not wire. Supposedly, this presents less resistance to the bearings, and is also supposedly more compatible with MC cartridges -- for which this arm was specifically designed. So you wouldn't want to change it IMO.
The arm itself is not that old , maybe 5-8 years? You can find out but it is much newer than an SME V, and unless "you don't know where it's been" it shouldn't need routine service.
As for the damping tray, I can't tell you if you really need it or not because I can't find any info on the compliance of the Shelter 90X. (You probably don't.) Most MC cartridges have low(ish) compliance and are appropriately used in med to high mass arms (like the SME IV.) So the arm doesn't need to be damped as far as resonances are concerned, though it can help to keep the arm from overshooting the lead-out spiral, but that shouldn't happen if the table is level and the arm limit properly set.
Now if you were to use a high compliance cartridge (like a van den Hul, or many of the MM or MI cartridges) in a med/high mass arm, you might find the damping helps.
Here is a quick overview of the issue:
http://www.gcaudio.com/resources/howtos/tonearmcartridge.html.