jrcole8,
Welcome to the Shopsmith Forum.
Skip Campbell at MKCTools.com has scaled back in recent years but he still sells some of his custom-made parts. You could try contacting him. The links given have you sending it to the factory as one option or sending it to Alex's Shopsmith repair is another. Realize that besides the cost of the repair you will have shipping costs both ways.
You could choose to work on it yourself. That may seem like a daunting task but is doable. There are many Shopsmith Owners with years and even decades of experience here willing to help.
One suggestion of what the problem could be is the fan sheave on the motor rubbing against the faceplate on the motor. Since the noise, as you stated, starts around the speed N I would look at other possibilities. Here are some questions that may better point us in the right direction.
Has the Headstock been serviced/lubricated recently?
Do you have an Owner's Manual for your Mark V? Maintenance instructions are in the manual.
Have you looked at it running with the Belt Cover removed? Doing that you may be able to better pinpoint where the "metal grinding on metal" sound is coming from.
Through the Inspection/Logo Plate on the back of the Headstock have you looked at the back side of the Speed Control Assembly and the Idler Sheave connection?
Posting pictures of the Motor Sheave Assembly. The Idler Shaft Assembly both the belt side and the back side and the back side of the Speed Control Assembly would help give us a visual inspection.
Another possible cause could be the bearings in either the Drive Sleeve Assembly and/or the Quill going bad.
Below is a picture of what you will see inside the Belt Cover on a Conventional Headstock. There have been some differences here over the years so don't be concerned if yours has slight differences.
_

- inside belt cover.jpg (124.25 KiB) Viewed 1586 times
.
From top to bottom you can see the Drive Sleeve Assembly end, the Idler Shaft end with the Sheaves behind the Headstock Casting and the Motor and Sheave Assembly at the bottom.
The picture below is looking inside the Headstock casting from the bottom with the Motor and Motor Pan removed. The arrow is pointing the the "connection" between the Speed Control and the movable Sheave of the Idler Shaft Assembly. This is what controls the speed. At the back end of the arrow is the inspection hole previously mentioned where you can see inside without removing the Motor and Pan.
_

- Headstock inside view.jpg (155.69 KiB) Viewed 1586 times
.
Although not the cleanest the picture shows the parts in their correct positions.