You can take it off and tear it down to lube the spline and internals, but be warned, you really need to pay attention when you tear it apart. There are some small piecs that you need to keep an EYE out for.
What ever you do, make sure you check the nose cone. They will have a tendency to wear out because of the bearing being bad. If this is the case then you will need to either have it rebuilt, or replace it.
I have seen a few like this, if you keep running it tho, you will end up chewing the teeth off from both the starter gear, and the flywheel.