Well said ntsqd..
But behind all this is the fact that the wheel bearings on a Land Cruiser rear full-floater will often last a lifetime with "the OEM grease-lubrication" and minimal maintenance. So what do you really aim to gain by converting them to oil-bath lube?
And in the event that you do happen to get excessive bearing wear (due to grease contamination from a deep water crossings, or due to a workshop stuff-up that applied excessive preload, or whatever else) then with grease as the wheel-bearing lubricant the movement/play at the big seal lip (on the rear of the hub) isn't going to instantly soak your brake linings in oil.
Toyota went to more trouble and cost to lube the wheelbearings differently (with grease rather than oil) so I suspect those Toyota engineers would agree with me...
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Sure a wheel bearing set will last a lifetime with grease if kept dry, kept cool and initially setup correctly. But how many bearings do?
My rangie came from the factory with oil lubed wheel bearings, it had done about half a million km (odo said 350,000km but the dealer who imported and sold it at 100,000km was shut-down for winding back cars). In that time I replaced two front hub bearings due to wear and had one oil seal failure which may or may not have been my fault (hub installation).
The axles I replaced them with had ~80,000km on them, were greased from the factory and already showed signs of both being hot and having been re-adjusted. Not sure which came first, the readjustment or the burning, but oil bath bearings can't get hot enough to scorch blue.
I converted those axles to oil. I had one issue with a front seal that kept weeping. I had to re-machine a stub-axle seal seat to get a seal. It's been perfect since.
But this was on an axle which does have bolt on/off stub axles. If your stubs are welded on then you're kinda screwed.
The benefits of oil bath are better lubrication, better cooling, longer bearing life and better exclusion of contaminants. It is also much easier to drain and flush than trying to wash out water contaminated grease.
Grease is much, much cheaper for the manufacturer than an oil bath. Both in parts, assembly and warranty. In my experience Toyota is the manufacturer who shies away from anything except tried and true.