After a few months of inactivity I sat down to listen to some vinyl this morning. To my great surprise the turntable was playing at very low speed. I checked the record and it was a 33, not a 45 being played slow. I checked the 33/45 setting and sure enough it was on the 33 ring. I put a 45rpm record on and it played just fine. How very strange.
I e-mailed Mike at Toffco and in less than 30 minutes he gave me the suggestion to replace the belt. Sure enough, everything is back to normal. It seems as though the belt stretched and the extra tension that the 45rpm setting gives was just enough to make the difference between working and not working.