That would certainly work, mostly you want to be certain that the races are seated in their bores, 50 foot lbs would do that and is easy to guess with the method I use. Tire radius is about 1.5 feet, 30-35 lbs on the tread would get you there and I guess that is about what I do. Then back it off. I normally back the inner nut off one flat or at least one notch on the lock washer, that would usually be 1/8 to 1/6 of a turn. They need enough clearance so they do not bind up when they get hot from running loaded. That wipes the oil out and then the bearing goes. Tapered roller bearings are designed to run preloaded IF they run in oil. With the lube at wheel bearings being somewhat intermittent, they need a little clearance.
I envy you able to do this with your kid, mine is 36 and working on his own stuff 900 miles away. I miss that time together. It is a pleasure though to see his pictures and hear about what he is doing. I take pride in all of it.
