Just an update. I finally got around to changing out the axle.

I went ahead and did both sides. Decided I needed new calipers, new rotors and new soft brake lines while I was at it.

Been driving it for a couple days and no squealing as of yet. In retrospect I think it was actually the right rear caliper that was the culprit. The inside piston had a cracked seal. Oddly it wasn't leaking any fluid.

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'84 300CD Turbo 132k (Anthracite Grey) - WVO - My daily driver - Recently named coo-coo-coupe by my daughter.
'84 300D Turbo 240k (Anthracite Grey) - Garage Queen
'83 300D Turbo 220k (Orient Red) - WVO - Wifes daily driver

I'm not a certified mechanic, but I did stay at a HolidayInn Express last night.