Thanks fellas. I really appreciate the feedback. I've done quite a bit of tinkering on my weekend toys in the past. I see no reason why I can't handle this.
By doing the work myself I figure I might as well just go ahead and buy new drum assemblies and bearings. This weekend I'll determine exactly what I have so I can get my parts on order. I'll keep you all posted.
On a side note, I do have one question. Will a 1.5 ton floor jack lift one wheel off the ground, or do I use those stacking blocks to suspend one complete axle to remove wheels?