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The noise you hear going over bumps is probably your strut housing/mount....not your wheel bearings. You can check the bearings by jacking up the car and grabbing the tire by the 6 and 12'O clock positions (or is it 3 and 9) and check for play. You should hardly have any and the wheel should rotate freely w/o any grinding noise. The bearings can be bought from FCP or Autozone. they sell the same thing (I think it was by SKF). I would have them (or an independant mechanic) do the trailing arm bushing as it is a royal pain to attempt yourself (IMHO).
The hole in the pipe can be fixed (temporary) with a tube of exhaust putty. This kit can be easily bought at any parts store. The exhaust manifold gaskets are very east to replace, but I recommend using PBlaster to loosen the bolts.
Overall you are looking at 1-2 week worth of work (due to waiting for parts). The car doesn't look it's in bad shape, even though you have quite a bit to do, so take your time and do it right!
Get Bentley manual if you do have one. The best $35 you would have ever spent!!
Cheers,
SM
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90 BMW 325is, 98 BMW 528i, 90 Volvo 240DL
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