That's good then in a way Michael, as it narrows things down somewhat without bringing into the equation such things as claw noise etc.
What I've always done if I have previously suspected some aspect of machines mechanism to be operating at far higher noise levels than those you would expect by design, is to break down the drive chain bit by bit to pinpoint exactly an area within the machine where the offending noise is coming from.
This is of course, assuming that identifying the exact place where the noise is emerging from isn't fairly obvious. (Often it isn't when everything within the entire drive chain is running simultaneously)
Things like drive belts, lamps, fans, worm gear and the odd spur gear etc, may have to be first partially or totally removed to facilitate this, but it isn't usually too difficult to do this and a common sense approach pays dividends very often.
If rewind mode is far quieter without film even inserted into the projector, than forwards projection mode, could the fault not exist somewhere between drive motor and take up spindle, given that this part of the machines assembly will not be being utilized during rewind mode?
Just an example etc etc....of the thought process required to solve the issue.
Failing that, you can always take on board David's recent advice here and tip a ton of hand tools into the back of the projector with the rear cover first removed.
Fit the rear cover, give it a good shake, then hey Presto!! 😂😂😂😂