So I managed to get the thing disassembled. Definitely looks more like a mode switch.
[image|3509357]
[image|3509355]
I gave both a clean with some 99% IPA. I focused more on the white piece part as the metal there looked more dirty. I put it back together and the VCR seems to be behaving better than before. I am able to get it to eject more commonly than before. There seems to be an issue with the screw though. This switch is mounted via [link|https://imgur.com/71ZkPsK|this screw|new_window=true]. This screw no longer threads in the hole and just turns forever.
I am guessing the threads in the hole have been damaged since the screw itself doesn't look damaged. I did try putting another screw, but it doesn't seem to hold as well. I think this is causing some issues as well. Not sure how to tackle this as I don't have a screw with the 2 things that are at the top. I am not sure what they're called.
I noticed when I put the tape in, the reels don't spin (they try to, but then stop). Of course the VCR doesn't play. I see the play symbol on the VCR display and the drum head does spin, but it just ends up making some whirring sound and then the VCR shuts off.
I looked underneath the unit and unscrewed the metal piece that had 5 screws. I found [link|https://imgur.com/7yJBKtx|this belt|new_window=true]. I think this is causing problems - could it be why the unit isn't playing and shuts off? The belt looks [link|https://imgur.com/Qz9GumJ|worn out|new_window=true]. There's what look like cracks/lines all the way around the belt. Hopefully the image shows it.
I intend to try and replace the belt to see what happens. I measured it with a caliper I had and it seems to be around 121mm folded length and the width is 1.5mm. It seems to be a square belt. Would buying a pack of belts be the best course of action?