Yes, it feels like it isn't firmly planted to the road, almost like it's on ice. The front tire is old as well, and the right front strut is starting to leave a little oil on the exposed part, but they are not soft yet and there is NO notchiness when turning from side to side. The front of the bike isn't really in question...it's definitly something in the rear.
Tires are pretty old. They've got decent tread, but the rubber is starting to get little cracks in it. Rear axle is tight as hell, with the cotter pin, and it's aligned right. I checked that as soon as I got the bike, and rechecked it the other day. As far as I can tell the rear shocks are fine. I get off the bike and press down on it hard and they go down and come back up quickly without bouncing at all. It's got Comstars, so spokes aren't an issue. If I grab hold of the rear wheel and yank back and forth on it, I can't get anything more than a little tire flex. The swingarm doesn't move side to side at all. I don't know how to check the bearings.
This help narrow down the possibilities any? Any other tests for me to do?