Larry,
You
have not said if you have any other problem or not. For example, You have not said the turntable is not moving, etc. All you have said is that you have the light on that says ''locked''. I own this turntable also, and the ''locked'' light is ''supposed'' to be on. It means the platter has reached the exact, proper speed and is maintaining the correct speed. If is goes out, then it means the speed is not what it is supposed to be. It is possible for the platter speed to slow down even a slight amount...so slight that you might not notice the sound difference...but nonetheless it is not the ''correct'' speed and the light being out would mean you should find out why...which could be because of a number of reasons.
If your platter ''is '' turning...''and'' the ''locked'' light is on, ''and'' sound seems normal...it could be an early indiction the motor may have an issue...going bad from age...surge damage...dirty...etc.but not likely or the locked light would be off...but the as the old saying goes, along with murph's law...*** happens.
The point is...the light thing is normal. A lot of turntable have other ways for the owner to know if the speed is correct. some use a sort of strobe effect, etc. The turntables like that can be identified by the rows (one for each speed 33, 45, 78) of refective blocks that reflect liight from a light source and then you adjust or tweak the speed with a control knob of some sort. The P-M70 is electronic...thus .. the ''locked'' light.
I assume you know these things have a belt. The problem associated with those is self explanatory.
If none of this makes sense to you, then it would seem as if you are not much of a ''turntable person''....at least not with this turntable. Turntables in general require some tweaking here and there. The P-M70...not so much... other than the belt...they are either right or not...and then they need to be taken in to a shop due to their electronic nature if they are not maintaining correct speed and the problem is not the belt. .
It is rather unique for many reasons. It is one of my favorite vintgae turntables and I use mine very often and have for ''years''...many of them....let's just say that!