Oh, interestingly enough, and it's been a while since I had messed with that deck, but the head was WORN.
At the time I bought the 5020, I picked up a couple 5120's. One in very nice shape and the other pretty much a hanger queen.
I took the ferrite head from the parts 5120 and put it in the 5020. Has a VERY nice sound to it and records very well too.
Note: just found out that the 5220 is a 5020 with the ferrite head and counter memory function. May be other options too.