For £32 you have a potential bargain here I reckon.
Get the bearing oiled with whatever is recommended and try for a replacement headshell. The mat isn't original either but may be better than the foam one originally supplied. A NAS Spacemat is cheap and worth a try, as is the thinner Rega woolly mat for the P3 possibly.
Get this thing cleaned up and working again and you'll be very surprised how good it can be.
By the way, the other reason for using a fairly low downforce cartridge is that it minimises slowing under (musical) load - something that upsets the lovers of high-torque idler and good direct driven decks.
Tear down these walls; Cut the ties that held me
Crying out at the top of my voice; Tell me now if you can hear me