I rebuilt an MP10.....same as MP40, but smaller bearings. The biggest issue is picking the "right" bearings....and I'm not talking about the size...that's easy. I'm talking the brand and ABEC rating and whether you pick steel or ceramic. You'll see success stories with the cheapest bearing from eBay and the most expensive ceramic bearings....but you'll conversely see stories of these same bearing still causing noise. Frustrating.
I also assume the dry-side is out of waranty. If not, simply send it back to Ecotech.
I'm going to send you a PM because I documented this on another site since my rebuild was post R2R. The hardest thing is cutting into the plastic cover as you think about how much you paid for this thing. Once you've done that, it's smooth sailing.....just be careful with the magnet. Bottom line, it's going to cost around $20 to get that thing running quiet again.