That would be my theory too. Back in the 80's I did a lot of work with CDC 14" CMD's - had a fixed platter (1,3 or 5 data surfaces with a servo), and a removable cartridge (single platter with a data surface and a servo).
An uncommon, but not unheard of problem would be a perfectly functional drive that would suddenly start throwing read/write errors. A format would mark some bad sectors that weren't there before, and the process would start again - fine for a while, then random errors with increasing frequency. The cure was new media. Easy if it was the removable pack that was a problem - a little more involved if the fixed media was involved. In either case, the media appeared perfect and the heads were undamaged, ruling out a head crash. We had 3 affected media tested, revealing low magnetic coerciveity (manufacturer techno-crap meaning some of the oxide layer had dropped off). This was on media that was - at most - 5 years old, so I guess that finding this kind of issue on drives that are 25+ years old shouldn't be that surprising!
Taking a drive apart and replacing the media is definitely doable BUT if you have a drive with a logic issue and one with a media issue I'd swap the circuit boards and bin the other drive - it's much easier than putting another media in the drive with the good electronics!