If by "bearings and seals" you mean "the traditional kind where you have a pair of roller bearings, a seal, a tapered spindle, and a big glob of axle grease", then new bearings and seals won't cut it.
I've read one opinion from a guy who said he re-packed his bearings, but I had new rear ones put on my 1991 DOHC NA, and I promise you that they are not user-packable. They are "lifetime" bearings, come as a huge metal cylinder with holes for the wheel studs, and if they don't really last a lifetime after all, you have to toss the entire housing and get a new one. This unit may be what they mean by "hub".
If anybody *does* know how to rip one of these apart and re-pack it, I'd sure like to know about it, as it would save a lot of money.