I know this is an old thread but do the chains need replacing when you get grinding while trying to move the piece of equipment? I have a 542B as well. I loaned it to a neighbor who drove it 2miles to their place, used it for 30mins to move dirt and then drove it back 2miles to my place. When I was putting it away there was a grinding that was not there before I loaned it out. The grinding is there moving forward, backward and left/right. The unit only as 157hrs on it according to the meter. Thanks Brian
I wonder if your issue is an axle bearing. If the chain case was low, the drive might have let a bearing run dry....
There is no reason why the 2 mile trip should have damaged anything, yet with working an area, you move back and forth, it will shake oil around, possibly lubricating things even if the oil level was low.
Generally chains need replacing when they have stretched, you normally hear a clunk as they slap around on the chain case.
If you lift the machine up, so the wheels are in the air, rotate a tyre and feel for any crunchy bits as it moves (it won't move much) Also try pushing the tyre in and out, if it clunks, i suspect bad bearings.