83 Honda NC50 transmission dragging noise?

I have an 83 NC50 Honda and it makes a dragging sound from what sounds like the rear hub area. I have backed the rear brake off all the way to eliminate that as a suspect. I have fresh oil in the tranny and it seems to work and shift out all right. It has about 2500 miles. The rear of the 2-speed tranny gets warm and actually pretty hot the longer I drive the moped. I touched the hub/drum of the rear wheel and the heat doesn't seem to be coming from there, further evidence that it isn't the rear brake dragging. Could this be the rear tranny/wheel bearing? The shaft that the wheel mounts to doesn't seem to have any excess play, but there is a definite rubbing noise coming from that area when I am riding it, and it seems to be about ones per tire revolution? Any of you veterans have some tips? Had the tranny apart yesterday, but didn't see anything obviously wrong, but I also didn't really know what I was looking for.

Thanks,

Matt

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