Been in storage for many years ... mechanically it works well ... BUT is very static-y and noisy with an echo ... I had thought that the preamp of the receiver had gone bad. Got a separate preamp only to find out that the junk is coming from the turntable itself.
Not with that amount of information. I assume the noise and static was not mechanical but electrical and it was being heard as coming through the speakers. That would most typically be oxidation of contact points. Any turntable has lots of contact points and cleaning them is some times easy and some times nearly impossible. That's certainly where I would begin searching for a noise problem.
"Junk" is what? Where is it coming from? Under the platter? Inside the base of the table? You'll have to be a bit more specific.
If this is a direct drive table, then "junk" shouldn't be coming from anywhere.
Pulling a table out of storage after years of non-use can result in a few problems. Most likely the lubricants have hardened with age. That would mean you tear down the table and replace the old grease with new. But you need to know where to put lubricant and where not to put lubricant which is most often detailed in a service manual.
Otherwise, if the junk happens to be parts of old resistors and caps, then you have a significant issue that won't be worth your time or money to repair with this table.
Rubber parts also dry out with time and there are a few bushings in this table that might need servicing.
But "junk falling" is no more helpful than the rest of your post.
The cartridge will need to be replaced since the suspension parts will have deteriorated by now. You can't just slap a new cartridge on the table without knowing how to properly align the stylus and counterbalance the cartridge.
Replacing a cartridge isn't a common skill today and you do require a bit of skill and the proper alignment tools to do so. Try it yourself and most likely you'll damage the stylus or the arm or both.
IMO you should forget the Yamaha and go buy a new table that works as advertised. You'll save money and frustration in the end.