Chas, congrats on fixing that part.
If you think the bearings are bad chances are that new ones will fix the vibration as well. In the meantime check that some bright bunny hasn't changed the original motor out (e.g. 3450 rpm for 1725 rpm or maybe even lower rpm)or pulley size so that it is trying to spin way above its rated speed. If the bearings seem OK when you take it apart look for a bent spindle. Sometimes there is a second set screw under the grime that has backed off causing a pulley to wobble. The really nice thing about old machinery is that it is usually built like the proverbial brick outhouse and fix easily.
Dave