At this stage of the game more get damaged from corrosion than wear.
To expand on what CNKS said, lift on one side of the drawbar with a hydraulic jack just enough to get some daylight under a wheel. Then take a handyman jack under the axle and with just a little pressure you can see how much play you have in the axle bearings. If it's bad enough to make the seal leak then you should look at replacing.
For what it's worth, when I went through the rear on one of my SM LP's I found evidence of a long ago bearing failure. Under the right side there was an 1/8 inch deep gear wide groove cut into the bottom of the rear case. You could see damage on a couple of bull gear and one or two bull pinion teeth where the balls got caught between the two and got eaten. The areas on the teeth were well smoothed over indicating that the tractor had zillions of hours put on after that incident. They probably at least drove it out of the field or finished the row and thus the case wear.
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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