I have had the same ball bearings on my car for like 25 years (Update 1.30.22 I just checked my records, it’s longer. I installed them in June of 89 just before a super chevy Sunday show at maple grove. Man, how time flies. So over 30 years.). I keep them clean, adjusted and properly greased. That being said, replacement ball bearings are not as good today as they once were when they were made in the USA. When its time to renew the bearings, I will not be going with the ball bearings but swaping to the later hubs and tapered bearings. Ease of getting replacement bearings and much less cost wise to get good tapered bearings as opposed to ball bearings.
If you are going to go with the later model hubs with the tapered roller bearings, you will be grinding off the rivets on the stock set up to remove the drum. With that drum at .040 over I think you may be engaging in some penny wise dollar foolishness. New drums are $33 from rock auto. Save the aggravation and use new drums and shoes, probably less then 100. One reason, with the new drums and shoes, the arcs are matched and the full shoe will contact the drum and the car will stop better.