Fit the cone wrench to the cone, and fit the open end wrench to the top lock nut. Hold the cone in place with the cone wrench and turn the open end wrench to loosen and remove the top lock nut.
Keep track of which side each lock nut goes on. The order is important because the threading for each nut is specific for each side.
Hand tighten bearing cone onto the free end of the axle, so that it touches the bearings without putting any pressure on them.
Ideally, there should be no movement or give in the axle when you pull on it or try to wiggle it. Additionally, the axle should be able to spin freely in the wheel, with minimal resistance.
Check the way that the axle spins in the wheel. The action should be smooth, with virtually no slop when wiggled. If it is to tight or too sloppy then you need to repeat the previous step.
Display and text were really helpful. I was wondering what happened to the sprocket assembly. from steps 1 through 3. This worked fine for the front wheel when I did it, but I'm not sure about working on the rear wheel. Does the sprocket assembly stay on the axle when you take off the lock nut and cone from the other side? Thanks Bob