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Most motor shops will tell you to replace rather than rebuild unless its 25 HP or larger. I would check the current draw with an ammeter. I have seen "noisy" motors run a long time. I like to get every ounce of service from most parts. Might be best to get a new one and have it on hand.
I wouldn’t advise it if I didn’t know what I was doing. Who's the Manufacture? What model number is it? What size shaft is on it? Horse power rating of the motor? Is it 3 phase or Single Phase?
You should be able to check the bearings by taking the belt off (if its belt drive) and spinning it by hand...I would also check the amperage draw like RykoPro suggested. It could be single phasing.
I bought a 5 hp 3 phase motor a year ago to replace my truck bay pump motor. Got it from one of those online surplus warehouses. I paid under $300.00 shipped. If its single phasing or if the bearings are bad, just buy a new one...I wouldn't waiste money on it if it was that old to be giving you problems.