I would check it with an indicator. If there is a dent it has likely raised the aluminum around it and that is causing the noise.
Not on that dent, or at least not enough to notice.
But the other smaller dent is raised as much as it is dented. About .005". And yes, that one would be noisy - one of the reasons I was considering loading it into the lathe to take a skim pass. But, sending a piece of sandpaper glued to a piece of wood should lower that enough as well.
I may still take the drum out to clean it up because I don't like how I field fixed the belt pulley a few years ago.
I'll do the bondo first to make me happier for the time being (hopefully), then between projects, because my job list may have just gotten longer this morning, I might rebuild the whole machine. From the table height belt, the drum, the drive pulley, I might slow it down... I don't know about that one, tho.
I replaced the pulleys a while back, before I was into machining. I arc welded a weld on pulley on an arbor and it doesn't run true, it vibrates. The old flat stepped belt slipped really badly. The drum would just stall on even a medium cut.
The whole thing is ripe for a redoing.