Great! Let's try
ral-clan wrote:Your printer looks fine and there should be no "metal foot" for that lever. However, the lever should not be so loose it is floppy. It should move very easily, but click into several positions as it moves along the cut-out arch shape. (correction: looking at my pictures below I can see there is a metal foot on THE INSIDE of the printer - not visible when assembled).
That's it! I can see something like an internal foot through the holes, but it's not tight enough to actually enter the holes. I will open the printer the way you did, and manipulate the lever e.g. pressing it against the metal sheet where the holes are.
ral-clan wrote:When the printing fades out, is new ribbon still being drawn through cartridge and across the print head, or has the ribbon stopped feeding?
Maybe I wasn't clear in the description, sorry for that: the ribbon is ALWAYS still, I never see it fed across the print head. That's the main problem IMO: even if without the ink cart I can see the ribbon shaft revolving, when I put the cart on, the ribbon doesn't run.
ral-clan wrote:Do you think there might be something that prevents the cartridge from seating itself properly against the driving spur on the carriage bed?
The only thing I can think about is that the cross-shaped shaft and/or the clips keeping the ink cart are worn out, so the ink cart doesn't seat properly in the carrier unit.
ral-clan wrote:This might be a motor problem - weak old motor (the motor is at the far left of the carriage rails when the printer is open. Or perhaps the long, toothed belt is slipping (it drives the carriage).
Hope not
ral-clan wrote:Can you still hear the print head engage all the way along paper as if the pins are still striking the paper? Or does the print head also give up trying to print just where the ink fades out on the paper?
Yep, the print head goes on with its noisy job all the way to the end of the lines, and nope, it never gives up (fortunately).
ral-clan wrote:Have you opened up the ribbon cartridge to make sure there is not a problem with the ribbon inside the cartridge? Perhaps it is stuck or caught somehow inside the cartridge. The cartridge should pop open fairly easily. Just be careful you don't let the ribbon (which is accordion-like inside the cartridge) to spill out.
I only have two of them, and don't want to risk their life. But when I manually turn the knob, the ribbon moves.
ral-clan wrote:Perhaps the little cross shaped hole on the bottom of the ribbon cartridge is worn and not engaging tightly with the drive spur. Perhaps the gear driven by this, inside the ribbon cartridge, is stuck.
Unlikely. I can manually rotate it with a screwdriver, and the cart is new..
ral-clan wrote:Could also be the large capacitor on the motherboard of the printer is dried out and needs replacing. Maybe it's not able to drive the motor properly - although if the carriage is still moving back and forth this is unlikely. You might want to look at them and see if they are burst or swollen (but it might not be evident if they are just dried out).
This paragraph goes into the unknow fields of electronics

. I'll check whe I'll open the printer.
ral-clan wrote:Is there anything you can lubricate moving parts with? A little WD40 (do you have it there?) - a synthetic spray lubricant, or a light synthetic machine oil. Just be careful when spraying it to only put it on the metal moving parts (WD40 here come with a thin red straw to aim it at small components). Do not use organic lubricant oil - it could harden or gum up in future.
My colleague here at work has light synthetic oil for musical instruments (she plays the
Flugelhorn 
). I'll eventually try with it.
ral-clan wrote:If this printer is not salvageable, I would still keep it and get another MPS801. You can then use the parts (print-head, etc.) as spares for repair jobs in the future. BUT, there's not a lot inside the MPS-801 so I think it is likely this can be repaired (if the failure is mechanical in nature - which it seems).
I'll try my best. Thanks again Ral-clan, til next update!