99 percent of the time you don't need the set-up tool unless you are changing the bearing support. Pay close attention to how the spacer and shim come out. Use Timken or NDH bearings. Do not use Bower/Bca bearings.
Ah, you must be making some progress now. Good to see you back at it.
There are a handful of threads here about the rear bearings. I agree with Mike, that chances are you can re-run what you have if you replace with high quality bearings. In fact, you can still get them direct from you Chevrolet dealer as a G.M. part number. They cost more that way, but you are pretty sure to be getting direct replacements. Otherwise Timken is good. We get Timken at our local Autozone parts houses.
Take your time with this part of the project, and take good notes of where you start out (end play) and where you want to end up. You will do fine.
Thanks guys I just got the replacement bearings from Corvette Central yesterday via UPS. Can I reuse the shim that's on the Spindle or do I have to replace them, I got a kit but noticed that there is only one of each size shim but two spacers I under the impression that the kit would do both wheels.
You could probably get by without the set up tool, but you can make one real cheap if you can get your hands on a old spindle. Turn down the bearing contact surfaces a little to allow for an easy fit, and check the end play before final assembly.
Where can you get a back issue of Corvette Fever? I finally have done the bearings on my land rover and I am now ready to tackle my Vette. Also anybody have a bearing number for the Timkens? I think it is set 37, but I am not sure.