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YOur speculation of the source of the water is probably a good one. Could also just be years of condensation. Probably not a big deal.
If you do pull the axles, be sure to keep tabs on all the shims and such... but as long as you are doing that, you might as well replace the bearings. Lot easier now than in the car. But you'd probably do fine just to clean things, and spin 'em and see that there aren't even the slightest of offensive noises.
Being that this is just a spare rear for you, you'll probably never need to use it anyhow. Pretty rare for a rear end in a 122 to go bad unless its run dry. The Dana 30 is suited for vehicles with twice the power or more...
-Matt
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-Matt '70 145s, '65 1800s, '66 122s wagon, others inc. '53 XK120 FHC
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