The simple answer is yes you need a bearing to install this cover. However, it is not quite that simple to install it.
Ball bearing drive sides were mostly used on water pump and gear reduction engines of the 3hp variety. The crankshaft was machined from the factory to have a ball bearing installed on it and there are a second set of timing marks on the crank and camshaft, due to the bearing covering the crankshaft timing mark when installed (see pic).
2 and 2.5hp (same crankshaft) ball bearing crankshafts were produced but they are very hard to find. 3hp ball bearing crankshafts are easier to find but will likely have a threaded PTO shaft (for Pump), a splined PTO shaft (for gear reduction) or a 3/4" keyed PTO shaft (tillers and such).
All that said, it is possible to install a bearing onto the 2hp crankshaft you have and run it but you will need to create some alternate timing marks to be able to time the engine once the bearing is installed. I have installed a 6204-2RS-7/8 bearing on these shafts, created alternate timing marks and run them (see bike in my avatar) with no problem. You can feel a real difference in the output of the engine as there is a lot less drag, especially with the side-loaded chain drive of a minibike.
Your alternative is to locate and install a 3hp ball bearing crankshaft. You will gain 1/4" stroke making for higher compression and more power. You will need the 3hp connecting rod to go along with it but can reuse the 2.5hp piston. all else remains the same.
The 3hp engine will perform much better if you change from the vacu-jet carb you have to a pulsa-jet carb for better fuel metering, a good intake port smoothing and reshaping will help a lot with power delivery.
