Thanks everyone for your help.
I have just installed a new engine shaft bearing and am amazed at the difference.
There is much less noise in general and from the bearing housing in particular. Another difference is a far smoother cutter engagement. Previously it engaged with a small bang, can only guess that the correct bearing alignment has helped reduce friction caused by a bearing that had side loads applied to it.
For anyone interested, the bearing is a 1202, double-row, self-aligning open-race bearing with dimensions: 15mm x 35mm x 11mm. I got it from a standard bearing shop for $26(had to ring around, was quoted up to $53 + GST!), more expensive than the $8 6202 deep-groove sealed bearing that it replaced but money well spent in my book.
Last edited by davo76; 31/05/12 03:01 PM.