It may or not be an Araya rim, it's not a better one anyway. The entire design of those wheels is inferior. get a new wheel (used). Anything will work.
I could expound upon this but I do believe that you don't want a thousand words.
The balls spillin' -out alone, that design is grounds for imediate dismissal.
I've done a few bikes like that. The front wheels get the boot due to the spillage more often on non- Q-releas, other Asian built Scwhinns. When the rear has the problem as you have, they go too.
Some LeTours had those over the top ,HEAVY, ultra shiny STEEL Panasonic-built rims,
these were quite good.
Spread throughout the years and certain models had other steel and lesser alloy ones. It's your design though that aren't good, not once they're bad anyway; just not worth much servicing. You've already diagnosed it. The bike deserves better.
I'm not unsulting you, to the contrary, I'm giving you credit for deserving better. It'll be difficult to get 'em up to standards. It's the part of the bike to which you owe no loyalty. If you lived near me I'd give a wheel. Anyway 27s are cheap.
Maybe a close-by member here or the appropriate forum can provide. Wheels cost 20 to 30 each to ship or that much per pair, there's a current post on that as well. I've bought sets for $20 and have gotten some free. Some may disagree but I do believe that you'll reach the point of diminishing returns if.......