My '95 has the dreaded rear axle bearing roar on the right side. Had it up on jackstands, it's obvious - especially when I let off the gas and the right rear wheel stops entirely. Hard to turn, too.

So I need to replace the bearing. The question I have is: What do I do about the axle shaft where the presumably-screwed-up bearings ride? I'd hate to get the thing apart and discover that I need a new axle shaft or some such.

 

50/50 that the axle is hosed. Hopefully the bearings are shot and the Inner and Outer bearing pieces are taking the brunt of it.
Shop for an axle Shaft before disassembly, you may need to replace it. I'm quite sure they don't sell collars to put over the shaft. Keep in mind that the axle shaft just fits tight into the Sealed bearing , the surface does not have to be Perfect.. it is not acting like a Race.