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It's time to do them now! The mileage isn't really that high, but 22 years is a long time, front bearings are easy to repack. The rear bearings are another story, they are a real biotch to get to, they require special tools and major dissassembly to get at. Usually it is easier just to remove the whole trailing arm and send it out to be done. It isn't cheap either, local Chevy dealer had no clue on how to do it, or how much it would cost. A buddy of mine took his to a local Corvette mechanic and had his done, he had his T/A's rebuilt and new bearings installed for about $200 each. My buddy removed the T/A's and took them to the mechanic ot get this price (which can be a really tough job) and reinstalled them himself.
On my 1980, the passenger side inner race had a couple of small pits. The bearing itself looked great. However, I decided to replace both driver and passenger, inner and outer, bearings and races. Seems to me, if one bearing/race starts to go bad, the others can't be far behind. Page 3C-12 of your 1980 GM Corvette Service manual has a complete "bearing diagnosis" chart.
Changing races is pretty easy to do, get a brass drift and :smash: them out. I think you can rent tools from Autozone to do the race installation - only takes a few minutes. Be sure to pack the oil seal (rear grease seal) with grease as well as the bearing. A low Ft/Lb torque wrench is needed to properly "set" the bearing. The GM Corvette service manual (page 3C3) has a pretty good explanation of the process on setting the wheel bearing clearance. Again, easy to do.
I used Timken "Set 3" and "Set 5" bearings and races. The oil seal was Federal Mogul 9406S.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.