I am not a selectric guru, but I have one and I think that the most likely
cause is that the lubricant has dried out, isn't lubricating and in fact is
acting like glue or adhesive. The "right" way to fix this is to have the
whole mechanism immersed in a bath of solvent (quite a few things have to be
disassembled and removed before this is done) to clean off the old
lubricant, and then relubricated afterwards. This used to be common, but
there are not many places now that still do it and it's expensive (probably
a couple hundred dollars). I have a full IBM service manual for the
Selectric II, which is virtually identical to your machine, but I only have
it in hard copy, not PDF, and it's bound. Perhaps there is a PDF copy of
this manual on the 'net somewhere. A guy who did the immersion cleaning
used to advertise his service on E-Bay, you might to a search there, or a
google search.
Barry Watzman
Watzman at
neo.rr.com
PS - Actually I found the contact information for someone who was still
doing this at least in 2006. His name is Rich Wiley, he is at 800-552-8592
and his E-Bay ID was coyote0153.