Hey, Kurt I had this saw (2001) and have been through the procedure. The set screws on my pulleys were loose, too and I think this caused the bearings to go bad. But they lasted 21 years.
You have no choice you have to take the top off in order to get to the arbor bracket set screw. Over on the NCWoodworker's site one knowledgeable guy said replace the allen screw with a bolt. This enables you access it with the top on which helps in realigning the arbor bracket. I HIGHLY recommend you do this, as it will enable you to realign the arbor with your zero clearance throat plates after the top is on and the miter slots aligned.
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The huge mistake I made was not realizing the retaining nut (opposite end of arbor) is left hand thread - don't forget this! I ended up stripping it with an impact & luckily I had a friend weld up, rethread it and get a new nut.
To get the arbor assembly out, you have to loosen the retaining screw and work the arbor bracket parallel to the height adjustment threads with a little wiggling it will come loose.
The bearings came out and installed very easily on mine. Good luck getting the table on and off and realigned was the hardest part. I purchased the bearings from Jet, but there are replacements I'm sure just as good. Maybe not necessary, but I also replaced the wave washers.