I opened up the dryer to find the rear felt seal had been worn down, as well as the belt starting to loose its tread on the edges.
After a little bit of research, I ordered the parts from here.
Replacing the belt was very easy, however the felt drum seal required more work.
After removing the drum , I had to pry the old seal off with a flat-head screwdriver. I was then able to pull the rest of it off without much of an issue.
After that the scraping and sanding of the old adhesive took the most time, about 30-45 minutes.
Applying the new adhesive was easy using the recommendation of having the drum on it's side, and rolling it as I applied it.
Placing the new felt seal was a little challenging, as it was a perfect fit making it very snug. When I was trying to get the last part into place, it kept sliding up off the drum at the last spot.
I ended up holding one side in place as I pulled the seal from the opposite end over the lip.
After that, I let the drum sit for a while to allow the adhesive to dry.
Finally I re-assembled the dryer with the new belt and did a quick test run.
It's been running for a couple days like new without issue.