Can you see the brass insert coming apart? Otherwise, not a bad idea to disassemble, inspect, and lube. The lube adds pressure and makes the metal disc more likely to spit out along with the lower gear. The epoxy is good measure and can be removed with a Dremel if needed.
There are two anchor points to each bevel drive (four in all). If any of them rotate, the needle will wag.
That said, and all I have done, the needle does still does wag at lowest speeds.