Ok so I've started the tear-down and rebuild process on the front axle. I've removed the hubs to check the bearings and to take off the old wheel cylinders. New wheel cylinders and front brake lines have been ordered and are on their way. The bearings still looked good and still rolled quite well, most likely will reuse them unless y'all say otherwise.
Though I have a question for those who have rebuilt one of these axles(or just anyone who would know). Is there a lip-type seal that I can replace these felt seals with? Or will that require me to take measurements and try to find one that will work? I haven't attempted to pull them out yet.