That does not sound too bad. I used to take an awl and punch a small hole in the what would be "upper" part of the motor bushing shields so I could oil them. Used to use a "zoom" style oiler bottle with about 10 or 20W motor oil
It was actually the blower assembly that went bad. The hub was spinning inside the fan and making one heck of a racket. Then it would overheat and shut everything down.