I got into mine tonight after work. a few observations:
1. The shafts have little runout (no more than .001)
I've never measured any of mine, but that is excellent.
2. The armature doesn't have any end play or radial play
Again, I've never measured any of mine, but that is excellent.
3. The armature does not spin as freely as I would think (but no "bad"bearing feel) just bearing drag.
Bearings with fresh grease, will take less time to 'run down' than 'dry' bearings. The important thing is smoothness. I have found many that feel like 1960's era, roller skates! Which, of course is not OK.
4. The "cooling" fins on the armature seam to have a huge amount of "out of Round-not centered" when spinning the shaft. About 1/8" at least. Is that normal?
Again, I've never measured any of mine.
Try running the grinder with out any wheel/stone mounted. If the problem is still present, try installing rubber isolation feet/pad under the grinder and/or the stand. I have a 3/4 HP that wants to 'walk' across the shop/garage floor. I put an old heavy fiber door mat under it and it stays put.