John,
If it ends up the rollers in the bearings are OK but it is the outer race that is damaged, you can in fact regrind them out to get a good working surface.
I had to get this done on my Atlas lathe as the outer races were a special shape, and of course megabucks.
When you come to do the pre-load, the amount taken out of the race is automatically accounted for.
Where a lot of people go wrong with these type of preloaded bearings, they use the machine as soon as it it turned on. For first of the day starts, or long periods during the day of inactivity, you should let the spindle run for at least a couple of minutes to let the spindle warm up, and so take off the pre-load by expansion of the spindle lengthways, otherwise you are trying to machine with maybe 'ratchety' bearings, plus, if you are working to very fine facing tolerances, you can find that those will wander all over the place until the spindle is warm. I think the average spindle growth is about 0.002" (0.05mm) between cold and warm.
First off, you should check your pre-load, if it has had too much applied, or it has tightened itself up (the usual cause), your spindle will never be able to expand enough to get rid of the ratcheting, and so, it might be giving the symptoms you describe.
Always look for the easy way out or fix first, if that doesn't work, try the next easiest steps until you eventually cure the problem. You should only start to panic when big bucks get involved.
John