Yes it's the bearing. There are 2, only 1 may be bad, but you should replace them both. Get SKF, part numbers below. The SKF (chicago rawhide) seal part number changed. The new number is 562737. I pounded the bearings out with a hammer and a pipe with the drum-half over a piece of wood with a hole in it. I tapped the new one's in place with a piece of wood on top of the old bearing, trying to keep it flush as I tapped it in. I also didn't get a new drum o-ring, instead I ran a thin bead of 100% silicone around the old o-ring and it worked fine. Runs very quiet now!
Seal: SKF 562737
6307-2RS bearing (inboard)
6306-2RS bearing (outboard)
Seal: SKF 562737
6307-2RS bearing (inboard)
6306-2RS bearing (outboard)