i disassembled my ultegra hubs, replaced the bearings with new ones of the correct size, cleaned everything out and repacked them using a generous amount of park tools polylube 1000 grease. when i pulled the old bearings out, there was only a light coating of the old grease.
i followed the instructions in Barnett's, measured the exposed axle and replaced the nuts in the same positions. i tightened the cone holding the bearings to what i felt was the exact point where the last bit of play disappeared from the axle, and then tightened down the locking nut, making sure i held the cone in position with a second cone wrench.
once everything was tightened down, i found that the axles didn't spin very easily. they turned freely and smoothly as i rotated them, but before i opened them, you could give them a spin and they'd turn a few times on their own.
the wheels, when mounted in the frame, turn very smoothly and it doesn't feel like there is much resistance, so is this just a function of the fresh grease causing some friction or is there a further adjustment i can make?