Remove the front lens and then remove the two screws in the cover. Lift the cover and speed setting cam off.

See the article on the Kodak Pony for more information.

Lift out the pallet and star wheel. Unhook the spring on the sector gear and lift the sector gear out.

Unscrew the hex nut on the flash contact and remove the contact and insulating washer. When reinstalling the flash contact, make sure the contact does not touch the shutter base. As far as I can tell, the contact is set at the factory for M-synch to allow flash bulbs to be used. It should be possible to slightly bend the contact for X-synch use with a strobe flash. Bend the contact so that the flash is activated when the blades reach the maximum position if you want to use flash.

Unhook and remove the springs on the blade activating lever (bottom right), shutter relase and B lever (top). Remove the main spring as well. These levers are permanently attached to the shutter base and can't be removed.

Remove the two screws in the speed/aperture plate and remove the plate.

The drive ring will not come out with the knob still in place. Unfortunately, this knob is attached with a rivet. You can punch out the rivet if you have the ability to re-attach the knob some way. The technique I use is to leave the knob in place and work around the ring. Remove the two brackets on the drive ring and then remove the two screws in the shutter base. As you lift the shutter base up, tilt the drive ring and slide the base out.

The shutter blades are attached to the base with rivets and cannot be removed. To clean the blades, submerse the entire base in solvent and blow or wipe dry.

Lift out the diaphragm cover. If you need to remove the diaphragm, unscrew the hex head screw and lift the control ring off. The diaphragm wings simply lift out.