Id say id depends on if its a wheel bearing or a carrier or pinion bearing. Judging from the incredibly poor outer axle design on these amc 35 axles, its likely the wheelbearing. One thing you can do to check is take it out on the open road with no other cars around, get it up to a speed where you can hear the noise pretty well, then turn left and right sharply enough to throw the weight of the car around. If the noise changes when you do that, its likely a wheel bearing, as you just put either more or less weight on the bearing thats going out. If the noise doesnt change, it still could be a wheel bearing, but it could be a carrier or pinion bearing. Might also be worth popping the brake drums off to see if anything came loose in the brakes and is causing the grinding noise.
Like I said, its probably a wheel bearing, as the seals on these axles are inboard of the wheel bearings, so they dont get any lubrication from the gear oil, just from the grease they were packed with when they were installed. Its not a very complicated job to replace them, but depending on how rusty the axle is, it might take a monumental amount of torque on a puller to pop the hubs free. If it is wheel bearings, you can get a few short trips out of it, but I wouldnt take it on the highway, worst case if the bearing grenades you could lose the wheel going down the road.
PS, if you do end up replacing the wheel bearings, you can drill a hole through the axle shaft where the bearing sits and add a grease zerk so that you can add grease to the new bearings every few years.