WOOT! I got the machine to rewind and forward consistently. The tape that came with it (Ampex 456) is really old and shedding like crazy, so that will go in the garbage. From what I've been told, this machine likes 499, which is $299 a reel new. I'll probably try the BASF/Emtec equivalent, which is a bit cheaper (I think).
Now to get a good reel of tape, bias this bad boy, and see (or hear rather) if the heads are decent enough to use.