Restoring old tables is a blast. Many beleive that becuase things are old they are out dated and not worth the effort. Not true. I've done a few Duals, a Garrard and am about to tackle a 60 year old EMT.
Back in the day, Fairchild was well respected. Their products were well made. I think the motor in your tuntable was also used in many others, including 3M and Advent cassette decks. I have spares if you need.
If your table has the gimbal mounted Pritchard arm then I would keep it. They came in 9 & 12 inch configurations and were excellent trackers.
Roll up the sleeves! You just might have a gem on your hands.