jdl,

The dust cover, as it's name suggests, keeps road crud, grit, sand, dust, etc. out of the front wheel bearings. They are usually kind of rounded, and yes, it is in the middle between the lugs. They are just driven into place, no threads or anything. Yours may be covered with grease, so clean the area with a wire brush first. I think, at that point, you will be able to see where the hub stops and the dust cover begins. Tap and pry all the way around between the hub and dust cover like 1958GMCnut says. If you do tear it up getting it off, they are cheap and common. GM used the pretty much the same size for years.

Once you have the dust cover off, use a throw away rag or paper towel to wipe away the old grease. Be careful, there may be sharp edges from POs wrenching. You'll then see the cotter pin, (looks like a really heavy duty hair pin,) washer, and nut I mentioned before. Remove the cotter pin by bending the ends straight and prying or pulling the "round" end. Back the nut off a bit and pull on the drum. The washer and outer bearing will usually pop or slide out behind the nut.

Enough for now. You'll get it! I did my first front brake job on a 1949 Pontiac when I was your age.

Remember, SAFETY! SAFETY! SAFETY! Get the shop manual!!!