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'Life' is defined at about 40K miles or so, at which point they need to be disassembled, thoroughly cleaned, regreased/replaced and the end clearance reset. Randomly adding more grease without doing all of the above does not clean out the old stuff and risks popping the shaft seals and have contamination throughout the parking and service brake.
Front wheels bearing are pretty much the same idea, just easier to get at.
It was a long time ago, close to 40 years ago, but I remember that the housing was really thick as we drilled for a long time. Arthur magnitized the drill bit and would remove it often and clean the bit. It was not that hard but you have to know where to drill. If I had the rear calipers off, I would take photos for those that wish to fix their spindle bearing noise. I have driven the car very little but lasting 40 years so far is testiment to it does work...I do drive it pretty hard when its driven 2-3 times a week...its a pretty strong 327 and there is no nicer sound like a quadrajet thats been called upon.
40 years is a long time.
Any idea of the mileage driven, or at least how many miles are on the car now?