The bearing you have highlighted is referred to as the support bearing and it is pretty easy to change out. It's been quite a while since I have changed one, but if memory serves correctly the bearing housing block has dowell pins for alignment. In my experience, however, this bearing does not go bad very often, but even if yours is not bad, it's not that expensive.
Most common issues that are bearing related are from #6 at the motor end called the thrust bearing. When bad, this can give bad finished and make a lot of noise; usually sounding something like wwhhrrrrrrrrrrrrr. ( how is that for sound effects!

)
Usually not to bad of a job to replace, but since it is the Y axis, that makes it a bit more difficult due to access. If you do end up replacing the thrust bearing, do yourself a favor and take 15 minutes and pull back the left side X-axis cover to expose the motor end of the ball screw. Look under the gold motor coupling cover. Here you can see how the motor is bolted on, the motor coupling (#7) is connected, the lock nut (#10) and the mounting screws (#9) are situated. This will help guide you when doing the y-axis which is set up the same and a lot of times doing things by feel.
As a safety note, if your machine is equipped with a mechanical weighted counter balance, be sure to block it while working on the y-axis since your hands will be directly underneath the counterbalance weight. If it is a nitrogen system, E-Stop is sufficient.
Good luck!