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Used band saw and compressor replacement belt questions

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Recently found a 16" Grizzly band saw and I'm in the middle of tuning it up.

1) How much is this used saw generally worth? Guy seemed knowledgeable and said it had a really good motor.
2) What does the bearing above the two guide bearings do? Doesn't seem to touch anything.
3) Guy said the thermal overload dial should be set according to certain parameters but I'm not sure what they are.
4) Any clue about it's model number? All I could find was the sticker stating 16" band saw.
5) The bottom wheel has some play in it so I need to replace the bearing. Any advice on replacing it? Doesn't seem like a socket has enough room to fit over that nut.








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