According to Everest. The CPU is running at 156 Fahrenheit and HD is at 126 Fahrenheit.

I am sure that Digerati will have more details for you but for a quick response to your original question:

The fan speed also alternates in speed and seems to correlate with the speed changes. Possible overheating issue?

A CPU running @ 69C (156F) is at the upper edge of its tolerance. I would say that is an issue if not "the" issue. I imagine the sound is the fan going crazy trying to cool it down.

I agree - 69°C is too hot - I don't let my CPUs go over 60°. Although the specs will say they can run hotter, there starts to be stability issues at those temps. And since we can assume you were not playing a game when using Everest, we can probably assume it gets hotter. And I am sure you video card was quite a bit higher too. That would explain your fans going crazy. I recommend you inspect your case for additional fan support - not only for mounting space, but PSU connectors. While in there, clean out the dirt and dust.

Notice that this is a laptop we are speaking about.

Notice that this is a laptop we are speaking about.

Forgot - sorry. So additional fan support is out. You should consider a Laptop Cooling Pad w/ext. power supply. Your log file is overwhelming - entries from 2 years ago are not needed - I think you should clear your logs, reboot, use the laptop for a couple hours, then post new logs.