My original concern was with the thickness of the seal and the new bearing. Upon inspection it doesn't really seem to be a problem. I actually have a new problem though. The old felt seal, absolutely won't fit over the new bearing. The inner sleeve has a slighty larger outer diameter than the old one.
Timken has 2 listings for use with a B46 style bearing; #40973s with an i.d. of 2.093 and a #5756 with an i.d. of 2.062.
I'm going to have to research it more, but I believe I'm going to have to find a seal with a rubber inner lip and not a felt type seal.