Yep, I know that noise.
You hve to pull the motor cover (which holds the rewind). Usually three bolts, 7/16 socket. One at 3/8 for the throttle cable.
Under the motor cover, there is a "nearly square" shaft, wh ich rotates in one direction only. Sticks out from the center of the flywheel.
It's been awhile since I have repaired one of these, but here is my memory:
turn the motor so that the shaft points up towards the ceiling. Take out three or four small screws which hold the screen on to the flywheel (1/4 inch nut driver works).
Gently pry off the small cover t hat goes around the square shaft. The cover is about 3 or 4 inch diameter, and has a bit of rubber gasket.
Note that there are about seven or so small ball berrings w hich must not be lost.
Slide the square shaft up and off. Clean the round shaft with gasoline and a rag. Clean inside the square shaft. Qtips and gasoline works nicely.
Put a snort of powdered graphite into the tube inside the sqaure shaft. Or leave it dry.
Lift all the small ball berrings with a magnet. Put the square shaft back on. Make sure the squar\e shaft spins easily around the center (round) shaft.
Put the ball berrings back in. Round cover back on. Screen and couple small screws back on.
Before you put the Motor cover on, you may wish to look along the edge where the spring hooks on, give it a squirt of oil like Castle or Thrust.
Replace motor cover.
Remit $48.50 for advice.