Be careful with rubbing alcohol. The small amounts of water in it can cause the bearings to rust.
You might want to lube them after cleaning them. They will last longer if you do.
This can be done with yo-yo oil, sewing machine oil, or even a bit of chap-stick in the bearing.
Lube will make the bearings smoother and last longer but it will slow them down. A little slowing down is fine. Just do not put more than a 1/2 tear drop in each bearing.
The process is the same as with yo-yos.
Oh, and if you do have to replace the bearings:
Strummol8 and Duncan use small size "A" yoyo bearings. You can get them quite cheap from any yoyo distributor website.
Good Luck