Congratulations! :thmbsp:
I just saw this thread. Any progress with this TT? As you probably realize by now, you've found a little gem of a vintage TT. It has the heavy platter of the more famous (and more common) L75, but with an earlier, heavier arm that with the right cartridge, is a great performer.
I have two of them. It seems a lot of people find them in the form of Bogen 60/61/62 TTs, but mine are both Lenco badged. I think Bogens were sold in the US, and Lencos in Europe and elsewhere.
The arm is one of those designs that dates back to the days of 78s, so it is pretty heavy, high-mass, and not well suited to today's light-tracking, high-compliance carts. Stick with heavy, low-compliance carts and you'll be happy. A lot of people have had success putting Denon 102 (mono) and 103 carts on these; I put a 103 on mine and like it a lot

, even without transplantation to a heavy plinth. (My first one I'm keeping in the plinth it came in, which is a nice Empire-like vintage one; the second one will be a DIY project, but I haven't gotten to it yet.) Others have reported success with some Shures, Pickerings and Stantons (DJ carts!), but that is hearsay (which I cannot confirm). Do try to track at around 2.5 grams minimum for best sound; the arm was actually designed for 5 or 6 gram tracking at a minimum, and can accommodate up to 15 grams

yikes

of tracking force.
You can find detailed pics of the arm, and a very useful tip for re-assembling it, here:
http://www.freewebs.com/bornin50/gl59.htm
If you decide to disassemble, clean and lube the arm (I suggest you do, for best performance) be VERY careful and do it over a pan or something. You'll see in the pics that there are small, circular ball races. If the little ball bearings come out of those races and fall, you'll probably never find them again, so working over a tray that can catch and hold them is a wise precaution. There is no anti-skate in the normal sense, and tracking weight is controlled by adjusting the spring in the back end of the arm, instead of a counterweight. It sounds primitive, but it works well. It actually tracks better than a counterweight arm would, if you are trying to play records with vertical (scallop-edge) warps.
One complication arises from this design, though: your TT MUST BE ABSOLUTELY LEVEL to avoid distortion and record wear. This is doubly important with a design like this, compared to most newer tables.
Because of the size and design of the headshells, which were designed for the older and larger 78 and flip-over carts, you may need to make adaptor/mounting plates to mount some newer carts correctly. No harm in this, and it gives you a chance to add dampening/improve sonics.
Most L70s came with the plastic idler wheels. I've read that ALL of them did, but one of mine came with the metal 2-hole wheel, and I know of one other that was foudn that way. Perhaps they had been replaced, or perhaps there was a change during production; I'm not sure. The rubber used in the plastic wheels is inferior to the stuff used in the metal wheels, and will usually have degraded. Also, the plastic wheels sometimes have warped. In most cases the plastic wheels will either need to be replaced, or at least redone with new rubber. You might consider trying the fancy titanium wheels offered on eBay, along with the matching arm.
Personally, I think people should be conservative when it comes to modifying the L70s very much, as they are rarer than the L75s, and quite nice as they are. Clean and restore it, and transplant it into a heavy/massive plinth for best sound (or fill in your original plinth to enhance the sound while preserving the look, or just leave the plinth original). These steps are always reversible, but if you plan to cut up the top plate and make other more drastic changes, I'd recommend finding one of the much-more-common L75s to do that with.
I'd highly recommend joining Lenco Heaven (the successor site to the much-lamented LencoLovers site) and reading all the threads there; you can spend days looking at what people have done with these TTs and soaking up tips and advice. You'll find it to be fun and time well-spent.
Again, congratulations on your SCORE. Even at several times the price you paid, it would still have been a bargain! :yes: