When it was determined (thanks to the pros at Appliance Parts Pros.com) that the problem was indeed bad drive shaft bearings, I then viewed the video available on the their website and ordered the necessary parts.
The repair went somewhat according to plan but not without a few hick ups, for example, when the old drive shaft would not release from the bearings by tapping on them with a hammer I had to improvise by creating a drive shaft puller which worked just fine, otherwise the project went very well.
The washing machine is back in operation and during the spin cycle it is factory quite.