Hey man, I'm surprised no one has weighed in on this, but here goes. I've been into several winches, (Lewmar, Arco, etc.), but none of the "high tech" winches. They all seem very straightforward. You strike me as a smart fellow, and mechanically inclined, so I would just tear in to it. They mostly have a circular type snap ring on top that is very easy to remove.
To start with, the advice I've seen about cutting a round hole in a box, just big enough to slip over the winch seems like a good idea, especially if it's done over the water. You will drop parts. And they are stainless parts mostly, except the springs, so a magnet won't help much.
Anyway, after the clip is off, the winch drum will slide smoothly off the base. No surprises, nothing goes "kasproing". You know, like an electric motor brush will do. Then it's simply a matter of cleaning the old oil/grease out of it. Here's where I like a piece of plastic layed around the thing, sort of like the aforementioned box, just to keep the mess off the side of the boat. I think a light oil is good, personally, because I like a winch to be very smooth turning. I tried a grease once, made it too slow, stripped it back down, and went with something lighter. I think winch grease is available, but in my stupid opinion, anything with a picture of a boat on it, is four times the price.
West Marine sells a "winch rebuild kit", but what a joke. It does have the springs, and pawls that one wood need if you lost these parts, but there is an odd number of parts in the "kit", which would necessatate buying two of them. (They've got it figured out at W.M.) Note the sarcasm.
And, an '86 model can not possibly wear out these parts yet, so just a cleaning and re-greasing should be all there is. It's really easy.