Also sounds like the "disk inserted" sensor is acting up...WD-40 does wonders on switches and such things, or just try air dusting that part.
Agree!
I'd say 9/10 times its the "disk-inserted" switch that cause FD's to fail. Small black pin in the floppy slot. Give it a good WD- 40 shower, then push it downwards 50 times or so. Chinon drives are very robust, so you would have to be in a real bad luck if its beyond rescue.
If you have the HD floppy, FZ-357A, you will have black pins on each side of the floppy gap. On one side, theres a pair of them. They will detect HD- floppys, and you might as well give them a go to while youre at it.