First of all I would like to thank "applguy" in the advice forums. His instructions were completely accurate and easy to follow down to the color of certain items and where "four hands are better than two". I had the dryer fixed in less than an hour and I consider the task pretty easy.
I purchased the Kenmore washer and dryer set from Sears and they deserve some criticism. I purchased a bearing kit from them through their online service (alternative was a phone call). The steel ball plate was not identical to the old one and the parts envelope was burnt at the bottom and all parts except two screws were missing. That's some fine Q/A there folks. How someone missed a burnt parts envelope is beyond me. I had to use the ball bearing and the hardware from the original unit. The bearing bracket unit inside the dryer was barely lubricated and the lubricant they used had turned to rubber. No wonder the thing was ground and squealing.
While I had the dryer opened up I made sure to vacuum out all the lint and crud inside and wipe down some areas. Thankfully, the machine is now quiet again.