Option 2, running the motor by continually trying to keep it wet doesn’t sound like a good idea to me.
I have come across a couple of Beocord 8000-9000 motors that were squeaking pretty bad. The bearings were the source of the problem.
As I said, I believe the motors are quite similar to a Beogram 4002/4004 DC platter motor which we know need refreshed bearings after forty years. I use a Dremel tool with a small cutting wheel to remove the rivets of the outer case/shell. Once you get to the motor, the disassembly and restoration of the bearings should be the same as on the Beogram 4002/4004 DC platter motor.
-sonavor