Be happy with your M 8. As long as you attend to it its oil lube system never fails. Felt lines within spring tubes feed the oil from a reservoir right beneath the red marked top opening. The main claw control disc will be held oily that way at all temperatures plus the other vital moving parts. Mechanically, the M 8 is one of the best Regular-8 projectors that have been built.
Weak points are the electrical elements but they can be replaced. Today's insulation is better than some old stuff. With a transformer you might burn modern lamps instead of the old tubular ones. It's a matter of will.