I have a TD-166Mk II I bought new in 1984 (when I thought turntables would dissappear - HAH!). I actually like the over-sized spindle, since many LPs have over-sized center-holes. And yes, the suspension is bouncy. It can be leveled and adjusted with a screwdriver, I think, but I don't mess with such things. I have two arm wands, one with an Ortofon OM-30 Super, and the other with a Denon DL-160. Both track very well, and sound very good, but a bit different.
I did have a local modder work on the table last year. He added isolation feet that allow me to level it (my floor is very tilted), added damping material to the plinth and underside of the platter, and replaced the RCA cables with a higher quality cable. He also removed the MDF cover under the plinth, which he says is resonant. This is only advisable if you keep the whole turntable covered when not in use. Otherwise, dust will build up underneath the plinth.
Also, this modder is the maker of the Ersamat platter matt, which I purchased from him. In combo with a clamp (you need a lightwieght clamp for a suspended turntable), the performance has been significantly improved. I did not remove the rubber matt, but placed the Ersamat over it, as per the modder's instructions.
Also, don't forget to replace the belt (stick to a Thorens branded belt, available from many on-line sites). My modder recommends dusting the belt with talc, then wiping off the excess with a clean paper towel, prior to installation. This reduces belt-sticking on the pulley or sub-platter.
Here is a link to the matt and clamp I use:
http://www.ttvjaudio.com:8080/store/comersus_viewItem.asp?idProduct=716
http://www.needledoctor.com/KAB-Record-Grip-MKII?sc=7&category=25857
Of course, each of these items costs more than what you paid for the Thorens, but then, you stole that thing!
Enjoy!