Okay, I think I have a winner. I wanted to post this follow-up in case some other newbie stumbles across this thread in the future.
Three things addressed the problem:
1. The lower rocker assembly was pretty loose. I found it required some very careful tightening to get just right. Too tight caused binding, too loose caused knocking. This didn't solve the "bump" but it did quiet things down.
2. I opened up the saw, and tightened everything I could. Particularly the "con rod" assembly. Nothing was exceptionally loose, but I was still able to get just a fraction of a turn on some of the bolts.
3. It turns out the previous owner hadn't used the saw for "years" in his words. After making the above adjustments, the "bump" was better, but still there. I let the saw run for 30 minutes straight at about #6 speed, and it gradually seemed to get better. I'm no mechanical engineer, but it seems plausible that any machine which sits for a long period of time will need to "wake up" a bit.
Thanks to those of you who offered suggestions!
After video:
https://youtu.be/dzJz4iqF7V4