What Greg said. Those bearings are toast and very soon join the other side of being your friend. Whether they are the 88503's or the 6203's, Lynne at Accurate bearing will have them for less than about anywhere I know of for the quality they offer. Don't get cheapie Chinese bearings.
The belts look a bit busy, so take one off and turn it inside out to inspect for inside cracking.
You can make that into an excellent saw. The quality of that motor is almost unavailable today. The mag starter is a big plus also, despite the fact it uses a definite purpose contactor lock instead of a NEMA one.