So Ketan from ARC gave me a call this afternoon, and we quickly sorted the issue. On removing the motor (to test it for noise), it became obvious what the problem was: the countersunlk pulley retaining screw had loosened, allowing the thick washer behind it to spin freely. This was making the dry bearing type noise after the spindle had stopped, and intermittently when running. The other, more worrying noise, was probably casued by the screw head contacting the top casing and making a squealing noise. It was also intermittent because on contact with the case, it partially screwed itself back up into the shaft, out of contact, until vibration caused it to run back down.
Removal of the top casing showed no excessive dust from the belt, or swarf, and the spindle turned freely.
So it's now back in one piece (with some Loctite) and running quietly again. Thanks Ketan!