Replaced the suspension rods which solved to the problem of the basket banging against the sides of the washing machine. This job was incredibly easy.
I also replaced the basket hub because looked like it was worn. Also a very easy job.
Unfortunately, I still ran into on OL (overload) error during tests. I had to remove the drum which is when I discovered it had rusted together with the drive shaft. LOTS of penetration oil and some banging with a rubber mallet got the drum loose and off the shaft.
At this point, I didn't want to buy a new shaft, so cleaned off the rust and placed drum back on. Problem solved.
There was quite a bit of metal removed from the shaft due to rust, but the machine works like a champ. So no need to do that work yet.
Pro Tip: Don't let the washing machine sit for a year without putting preventative oil on the shaft!