Great tutorial! (And thanks for taking the time to photograph and post this.) I would like to add to use caution when applying the lubricant. If you use too much it will get on the electronics or even worse, the shutter curtains. Just shoot in a tiny bit, test by firing the shutter at least 3 times, and then add a tiny bit more until the squeal goes away. Again, don’t overdo it especially with aerosol lubricants. BTW, I use CRC White Lithium Grease because it lasts long and doesn’t move around. It stays where it lands.

I always had trouble with the switch on my Dremel Model 395 (first version.) I bought a genuine Dremel replacement, followed these instructions, and now it works fine on all speeds. Thanks for posting this step-by-step guide with pictures!