I noticed a vibration while driving so I raised it up thinking tire balance but I think it's deeper than that . Found the rotor and wheel has excessive runout. My question is do I have a bent spindle or a wheel bearing issue? This is on the right rear. The left rear seems ok. Thanks for any information.

 

You have come to the right place...do a search of this Forum for rear wheel bearings, or trailing arm rebuild and you will learn everything you need to know about the infamous Corvette rear bearings.

I won't repeat all the good advice such a search will produce, but I will say that you should visually inspect all of the areas around where the spindle passes through the bearing carrier. I found no play at all in the bearings, but when I started pulling them apart I noticed that all the grease had turned to liquid, either from age or heat, I guess, and run out of my passenger side bearing. It sprayed all over the inside of the trailing arm, and puddled up in the bottom. There was very little lubricant left on the bearings themselves; it was just a matter of time before they failed on that side.

 

Congrats on the ride. Pull the rotor and check the hub for runout and get the rotor checked for warp, it is probably ok and all it will need is shimming. PO may not have put it back on the same way it came off or even put it on the other side.