I started overhauling the Trek 700 that I bought for my wife. I started with the rear hub. I started disassembly by removing the lock nut, spacer, and cone on the one side. The the axle didn’t slide out the other side as the dust cover was trapped by the freewheel. When trying to remove the freewheel, I broke the freewheel remover tool. Two trips to the local bike shop (they were closed my first trip) to buy a new freewheel tool, and I got the freewheel off. I soaked the guts of the hub in mineral spirits (paint thinner) to remove the old grease.
I took the wheel down to a utility sink, and cleaned it with a scrub brush and liquid dish soap and warm water. I let the wheel dry.
I put grease into the bearing races on the wheel, and placed the bearings one by one. I placed the the dust covers over the bearing to hold them in place. I assembled half the axle, inserted it into the hub, and screwed on the cone, spacer and lock nut on the other side. I installed the freewheel. I spun the wheel and it didn’t spin smoothly. After alot of the tweaking, I got it to spin smoother, but I wasn;t happy. I stuck it on the truing stand, and with some minor tweaking, I got it to run straighter than it had been.
I then overhauled the front wheel like I did the rear wheel, but I didn’t have to deal with the freewheel. The overhaul of the front wheel went nicely, and it spun smoothly.
One thing I noticed when overhauling the front wheel, was the the dust covers had the hollow part facing out. Hmmm… On the back wheel, I put it together with the hollow part facing in. I am not sure, but I think that was how they had been. I know there had been grease in the hollow part. I disassembled the rear hub again. I tried reversing the dust covers, and got the wheel turning much more smoothly. I threw it back on the truing stand, and tweeked it some more.