Brian,
Driveshaft phasing is ensuring that the u-joints are properly aligned. The u-joints at opposite ends of each shaft should match. That is, when the yoke on the shaft is vertical at one end, it should be vertical at the other end. It's easier to see, than to describe in words. The "X" shaped piece in the u-joint should match positions at each end of every shaft. If you study the arrangement on a new driveshaft, you will see what I mean. Check out a chassis-cab truck at a dealer. The driveshaft should be visible on one of those.
Some driveshafts are made in one piece, so you have no control over it. Some driveshafts, however, have a slip joint along the length of the shaft. If you pull the slip joint apart, it's possible to put it back together so that the u-joints at each end no longer are in phase. This will cause vibration and rapid wear on the u-joints.
To add to what kaffine said, you will get some fluid dripping from the transfer case end when you remove the driveshaft even if you drain the transfer case first. I don't know how much comes out if it's full, but you will get about half a cup if you drain the case and then remove the shaft.
Sorry, I can't help you with the bearing question either. Two out of three aint bad.
Loren