I use turbine oil that was recommended by some guys over on the Ampex page of recordist.com. You can get it at the larger Ace hardware stores (call first). It's called "Zoom Spout Oiler" and you'll know why when you get it. The bar code # is 50760 23654 and is made by Norvey,Inc. out of Santa Ana Ca.. As far as where you apply it, you'll need a service manual to know for sure and if you really want to do it right, disassembly and cleaning any hardened grease is what most bearing surfaces need after decades of non use.
As far as detective work goes, Doc's suggestion is right on the money (you'll get used to that if you hang around here long). Any rhythmic noises can be traced to some rotating part, and most rotate at a different rate (because of diameter and purpose). One thing to keep in mind, the parts for these machines are all but unobtainable, so until the source for this noise can be found and a bearing is ruled out as the culprit, I wouldn't use it and hope for the best. If the capstan bearing were to seize, you might as well toss the machine.