This motor has two shafts coming out, one at each end. That is good because you can turn the motor on end, with one shaft facing straight upwards, and put SAE20 electric motor oil into the wicks by dribbling it in around the shaft. Put about a half teaspoon to one teaspoon of oil in each end. Let the motor sit on end for 5 or 10 minutes then flip it over and service the other end. If there was no shaft on the rear, you could punch a hole in the metal shield and put the oil in that way, then plug the hole.

This motor has journal bearings. Essentially, it's just a bushing pressed into the end housings which the shaft rides in. They are not removable without pressing them out and a lot of work. 

The plastic ring is just a mounting damper which helps to isolate vibration from the motor from transferring to the base of the dryer and making noise.

You'll always hear some sound when rotating these motors manually. They have a centrifugal mechanism on the rotor. This mechanism revolves with the rotor. It rubs against a switch to actuate the start-winding of the motor, and block the heating element from getting power until the motor is up to speed. Once it's at speed, the centrifugal mechanism retracts and does not rub anything. 

Sincerely,

David