The method I have always used is: tighten the nut until it is fairly tight, then spin the drum by hand, then back off one or two turns, until the drum/hub spins freely without any play, then turn in, to the nearest hole for the cotter pin.
I use any good brand of wheel bearing grease from NAPA, ect.
If you don't have the tool to pack the bearings, I just put a big gob in the palm of my hand, and pack the bearing edge all way around, until it looks full of grease. Then a little extra on the spindle.
Last edited by Old GMC Gold; 11/21/2014 7:05 PM.