Is that wheel (the Brake...maybe dragging...could that be the sound? Of metal
backing of a worn out brake pad rubbing on the rotor?) much
warmer than the right front after you've run 5 miles or so? Be careful,If it
is dragging the caliper + rotor may be hot enough to burn you.
The lube seepage might be caused by over heat?
Or you're right it's a bearing.

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'84 300SD sold
124.128