Better check the lubrication, first.
I have a BC5500 (which seems to be pretty much the same deck, isn't it?) to which I replaced the whole playback-head (from another mech, original head was open circuit on one channel) and adjusted the azimuth settings for both sides. I think it was just two adj. screws, on the left and right sides of the head. I might have photos of that, too.
My 5500's track search doesn't work so I'd like to know, too, if there is an adjustment for that.
Bang & Olufsen - The art of controlling sound, picture and light