What you are talking about is called a gimbal bearing. It is greasable from the stern when the boat is out of the water. I know most overlook it as it is up on the transom assembly hidden unless you know to look for it. Pop the outdrive off and run it for q few seconds, if the nosie is gone, then reach in through the opening and spin the gimbal bearing to see if it is good or not. If it is bad good luck, they can be a PAIN to change out.
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2011 SUNDANCE B20CCR SKIFF, 2011 YAMAHA 90HP 4 STROKE, 2011 KARAVAN SINGLE AXLE ALUMINUM TRAILER, LOWRANCE ELITE-7 HDI, MINN KOTA RIPTIDE TROLLING MOTOR
2000CC HYDRA-SPORT 225+HP EVINRUDE SOLD 
AND THE PINK JEEP!!!! R.I.P.
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