Mike,
I've replace my rear bearing on my 2005 LS430. I'm not a mechanic, by trade, but I have always figured that if you really screw it up, you can always pay for someone to fix it.
Best I can remember:
1) I took the wheel and brake caliper off.
2) I had to remove the tie-rods (or whatever you call the tubes that connect to the shock).
After that, my memory fades on me, but I will say that two things really stick out:
1) The "dust shield" (which is the metal piece on the back of the hub eventually separated from the hub. My car came from up north, so it was almost like it was welded on the hub, due to rust.
2) You can remove the hub without taking the entire axle off. To do so, you will need to cut the boot strap (NOT THE BOOT), just the metal strap that keeps the grease in the boot. I had to do that, so I could slide the axle out, but remember the axle will not come completly out, but rather just enough to get the hub off.
I don't have the tool to recrimp another metal strap on the boot, so I used a metal clamp (sorry, I can't remember what you call it, but it's the one that you screw. As you screw it, it tightens the boot down.). I also pack the boot with high temp grease. You can get that at the auto parts store.
The only part that I was not 100% satisfied with was when I had to tighten all the bolts on the tie-rods. The one on the bottom, closest to the wheel turned on the other end. It does not have a wrench head, so I could only get it so tight before the screw started turning. Maybe you know how to fix that issue. I highly recommend an air impact wrench. It saved me a lot of time and sweat.
I've put about 20,000 miles on the car since replacing the hub, no problem with it yet.
Let me know if you need to know where to order the hub or any other specifics. Sorry for knowing all the terms. Like I said in the beginning, I not a mechanic, I just like to work on my car.
Oh, by the way, this was on the left rear hub. I don't know which one your replacing, but I did NOT have to mess with the exhaust system. Also, be careful, some of tie-rods are under a lot of stress. I recommend a good crow bar or some other leverage tools. It will make the job safer and easier.
Sincerely,
Mike
Birmingham, AL