The rear wheel bearings aren't as simple as you might expect - have a look at these threads
PeachPartsWiki: Replacing the Rear Wheel Bearings
http://www.peachparts.com/shopforum/diesel-discussion/277341-w123-rear-wheel-bearing-removal-help-needed.html
If you have a dial gauge - DTI - clock gauge you can measure the bearing play. But to do that you should remove the axle...
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