Join Date: Aug 2005
Location: Pittsburgh, PA
Bikes: '''96 Litespeed Catalyst, '05 Litespeed Firenze, '06 Litespeed Tuscany, '12 Surly Pacer, All are 3x8,9 or 10. It is hilly around here!
If the hub really has cup-and-cone bearings and it hasn't been serviced since new, I definitely would overhaul, clean and add new grease to it.
I once got a '86 vintage bike from my brother that hadn't been ridden in about 15 years and the grease (hubs, headset and bottom bracket) had dried out to the consistancy of dry rubber cement. The hubs felt ok when turned by hand but would have been ruined by riding them in that condition.
Even cartridge bearings can be relubed, particularly if they are open bearings but even if they are sealed, the seals can be pried up and fresh grease added.