Very possible. I had to replace the bearings almost right away. After opening up the gearbox there were at least two that had been pressed into undersized pockets so hard that the races actually split! I was lucky enough to know a machinist who bored the pockets out a few thousandths and I was back in business with quality bearings. If you can find the parts (I've actually forgotten who was making them now, but it's all over this forum) for a belt drive, you might consider converting.
Replacing the spindle bearings made a difference too. Particularly the top bearing. Check for resistance turning it in neutral.
Good luck either way.