Jerry,
Happy New Year from the UK
I have found that when running on the high speed pulley the noise increases disproportionately. On the low speed almost silent, high speed very audible.
The clutch itself shouldn't make a noise, unless it is slipping. Lubrication of the actual clutch cone is recommended by Myford – seems strange but true .
If the noise lessens when the belt is slacker it would seem to be coming from the bearings. The pulley itself has 2 ball races, which are sealed for life, the countershaft bearings are sintered bronze lubricated from the oil cups on the front of the countershaft casting, these should be topped up regularly. There is a thrust bearing (single ball race) next to the pulley which is lubricated by "overflow" from the left hand countershaft bearing.
There is no harm in lubricating these bearings externally to make sure they are oily
Running on high speed also produces more noise from the rear spindle bearings, oil via the nipple on the left hand side of the headstock casting..
Do you have the relevant manual for the machine?
Phil