Front Sprocket Hub

As I turn my back wheel the front sprocket is making a constant "snick, snick" sound as it rotates. The belt is correct tension, has no crazy fraying or obstructions, and sprockets teeth look good, too. The clicking noise seems to be coming from the front sprocket hub, which feels to have a tiny bit of horizontal freeplay when I pull on it. Center nut is on tight. The bike rides fine other than the annoyance of the noise when im around 20-30 mph.

Am I being paranoid, or is it normal to get a bit of mechanical noise from the belt/chain and sprockets? I suppose its ok to try and lube the shit out of where the sprocket spins.

My formerly belt drive 82 KZ305 makes the same snicking noise though I don't hear it when I'm riding. Its quite audible when I spin the wheels on the center stand, and I've assumed, but dont know, that its normal.

Mine goes away when im over 30 mph, but it is pretty obnoxious to me when im just coasting around. Chicks on the back say they cant hear anything, so im just being overly sensitive i guess.