I'm guessing you're all about to start designing & fabricating then Joe ? Well, as you asked, here's my (possibly controversial ?) 2c worth.
Yep, I'd certainly change the bearings. Despite the theories stated about low loading and the way some folks claim the bearings last well, that's not been my experience. When I used my car daily it wasn't unusual for me to have to change the rear bearings at 2yrs because I had an MoT garage that was very strict about wheel play and any play would get a fail on the annual test.
So, in an ideal world with machine shop facilities my first step would be to fit a modern and better sealed design of bearing, which would probably mean a complete new casting. My first thoughts would be to try to use something like Lotus have used on the Elise, which is a double row taper roller bearing. (picture attached) That would do away with the spacer as well, but be aware that the Elise has an entirely different design of rear suspension using CV joints and twin links.
The steel spacer is an interesting one. I can see why it's present in the OEM design, but given how Chapman was ever trying to lose weight (and costs) it did make me wonder why he didn't do away with it and rely on an internal shoulder in the housing to support the bearings. I can only think that he decided it wasn't strong enough or perhaps might wear in service, making the infamous "hub falling off" sequence a bit more likely ?
Finally, why not incorporate a small lug on the top of the bearing carrier itself to allow an optional upper link to be added ? There's quite a few folks with twin link suspensions these days and it might increase the potential market for any future production run ? I would have thought that as long as the critical external/suspension dimensions are the same for S2 & TC's then anything you design should be applicable to both markets.
Brian