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You must have some super drill bits Glen, the outer bearing races are tempered steel and very hard to drill. I`ve never tried it but I doubt any of my drill bits would touch that.
The heavy rag wrap around the outer bearing race it keeps the pieces contained fairly well.
Besides, I love smashing stuff to pieces!
For install, if the shaft is loose put in the freezer and the bearing in the oven. The contraction from freezing helps lots and the oven allows better control of heat.
For removal, nothing but the torch. Use a bit smaller tip so its easier to control and you dont have to go quite all the way if you are worried about scarring the shaft. Before you start, get some type of sleeve (pipe) sized so a bit of 'hammer assist' can be done if needed.
probably the easiest route to go. sometimes its not worth the headache doing stuff yourself, thats why we have mechanics... if we were all do-it-yourselfers, there'd be a pile of unemployed people around.