That looks just like the changer I grew up with. I was born in '59 and my older sister thinks they had the stereo (ours was a blond console) a year or two prior to that.
The only thing I'm not recalling is the manual play switch attached to the speed selector. That doesn't mean ours didn't have it, just that I'm not remembering it. I haven't seen that Magnavox since 1977, when I was a senior in high school. And I'd stopped playing records on it once I got my first receiver and turntable in junior high. So it's been awhile.
I loved watching that changer work, though, when I was little. Spent a lot of time in front of that stereo. In fact, there were teeth marks along the front edge of the console, where I was apparantly trying to teethe while I watched, LOL!
Congrats on your find and hope you get many hours of pleasant listening from it. Seeing those old Collaros really brings back memories.
And Will, I'm green with envy that you have one, too!