That is a tough choice but after 11 years of use, the housing may be nearing it's end of life as well but there is no way to know for sure. Based on forum posts alone, older pumps seem more prone to housing cracks. You would hate to go through the expense of repair to find a housing crack a short time later.
Have you inspected the motor shaft? Sometimes, the shaft can get bent which then makes the seal fail and then makes the bearings fail. So fixing the bearing may only be a temporary solution. The only way to tell is to run the motor with the impeller (outside of housing) and watch the impeller for any wobble. Also, are the bearings clean and free from rust?
BTW, did you check to see what a motor shop would charge for bearing replacement?
If you decide on replacement, Superpump's are great work horses and I wouldn't hesitate to get another. However, the Pentair Superflo is a great replacement as well and you can sometimes find them cheaper than the Superpump.
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