re: Maybe the job done prior to my looking at this was not done entirely correct. That is to say, definitely three shims were used (if not four) and after tightening on the axle nut I still have a lot of drag (but so far, no end float problems that I can detect).
>>> Not good. The number of shims required is irrelevant, the hub should turn freely with very little effort, with little or no end float. The book procedure is to use more shims than necessary, measure end float then remove shims to (nearly) zero the end float. For example, if you add 0.040" shims and have 0.010" of end float, you need approximately 0.030" of shims. You need to fully torque the nut to gauge end float; best to torque say, halfway, to seat the bearings then back off and torque fully. As someone else mentioned, it doesn't hurt to oil the bearings lightly to prevent damage (but I'd clean them well before grease-packing).
re: To further summarize, assuming all bearings and axle have no defects, then it is my understanding that by placing proper "X" number of shims between the spacer and outer bearing, I should be able to eliminate both end float (to near zero as possible) and have minimal drag and be able to tighten the axle nut between 40 - 70 lb/ft, after all is said and done.
>>> Again, the number of shims is irrelevant. It's the total thickness that counts. Randy's snide comments notwithstanding, you'll likely need 0.030" of shims, give or take (1/32" is 0.03125"). You can do this with a 0.020" shim and a 0.010" shim, or 6-0.005" shims or 3-0.010" shims, etc.
Don't sweat the torque numbers; torque as tight as you can and still line up a slot on the castellated nut with the hole in the hub for the cotter. I undertorqued one time and spun the keyed flatwasher on the hub threads. Sounded just like a blown bearing, but the noise went away after the washer had traveled as far as it could.
re: And I would be slightly better off adding more of shims than less to prevent pre-loading the bearings or producing overheating or seizing up.
>>> I don't have the manual handy, but IIRC the procedure is called 'properly pre-loading the bearings.' Pre-loading isn't a bad thing, your pinion bearings require enough so that the pinion 'snaps back' when rotated. You want the bearings to seat properly in their races; allowing 0.001-0.003" of end float assures the bearings won't be too pre-loaded. I've done it 'by the book,' but have found if you add shims till you can feel just the slightest movement when pushing/pulling the hub in and out you'll be fine.
re: I will need to go back and try installing that fourth shim and test the results of end float, drag, etc.
As a matter of principle, a sign of normal bearing wear (and/or axle wear for that matter) would mean the requirement of more shims to compensate or make up end float, correct? Also, are there specifics or guidelines on minimum required bearing thickness or when bearings (or axle) should be replaced?
>>> Any sign of bearing wear means get new bearings and, preferably, new races as well. Bearings will 'wear in' to their races a little over time, which will increase the end float. Hence a slight pre-load is desirable.
re: Also, considering the way everything is presently assembled, what would be the problem, if any, with the idea of driving the car around for a little bit and then retest end float, drag and tightening up on the axle nut? I had someone's opinion saying that was okay but curious to hear more on the subject.
>>> The consequence is possibly damaged bearings and races at the least, and maybe worse (you're also making unnecessary work for yourself). There is a correct and effective method for performing this task; follow the procedures and life will be good. I believe my BJ8 has its original bearings and races and it has 170K miles.
Also, replace the seal while you're at it. There is a spacer on the inside of the stub axle upon which the seal rides; make sure it is clean. If it's only got some light scratches clean it up with emory cloth, if it has deep scoring replace it. Be sure to lightly grease the inner lip of the seal before installing, and don't overpack grease in the hub (just pack the bearings thoroughly; don't add 'extra just in case').