Well, I followed everyone's advice, one at a time of course. When I removed the circuit board, I found that the disc underneath spun freely, and didn't make any noise at all. But that was spinning the drive by hand. So then I cleaned and lubed what I could, then buttoned it back up. The drive still made a hell of a racket, maybe even a bit worse, but I can't really tell, because I didn't test the drive with the cover of my expansion unit removed. To continue, I then pulled the back cover, making sure not to touch the platter assembly, and again lubed what could. This time when I put the drive back together and tried it in my XT computer, the noise was about the same, but it did finally spin up enough to boot the computer. However, it only lasted a couple of minutes before I could clearly hear the drive slow, until it finally stopped spinning altogether.
At this point, I'm giving the drive to my imagination and decided to add a bit to my knowledge by completely stripping the drive down to its separate components. At least I might be able to learn something from it before I finally give it to my local recycler. I'm keeping the front faceplate and cage assembly so I can remount the hard disc in my Compaq Portable. At least some good will come out of it.
Thanks again everyone. I kind of knew this drive was on its last leg for a while. And, I should have acted sooner, but I procrastinated, and now I'm having a lot of trouble low level formatting the Control Data hard discs I bought from a member of VCF. Tomorrow Ed, the better half of All Things DOS and I will start kind of early, so we can try to get the two 30 MB hard drives working in my IBM 5161 expansion unit. But that's a topic under a different thread. Once we get Alice working again, I'll be a happy geek once more.