front or rear wheel bearings?
1. blue loctite will easily allow you to remove the caliper and/or mounting bracket bolts. no torch necessary. that's only needed if you used red loctite.
2. assuming you're talking about the front wheel bearings, remove the caliper and bracket so you can get the rotor off.
3. you will need to remove the cotter pin from the axle, so make sure you had a couple of new ones of the right diameter to replace them with. do not reuse the old ones.
4. you'll need to replace the bearings, races and wheel seals. your new front wheel bearings should come with new races. you'll also need some Ford (or other brand) hi-temp disc brake wheel bearing grease. the hardest part is to change are the races, but this MUST be done (unless you're installing new rotors), otherwise it's just a dirty job.
5. when re-installing the axle/spindle nut, you must torque it to spec. the procedure is to first tighten it to something around 35-40 foot pounds, then spin the rotor by hand a few times. loosen the spindle nut and tighten it to something like 12 inch pounds (not sure about that spec). what i do is just let the weight of the wrench fall from the 1:00 position to tighten the spindle nut. too loose is better than too tight. install the new cotter pin. if you have to move the spindle the nut to line up the hole for the cotter pin, loosen it nut slightly. when you put the tire back on it's okay if there's just a tiny amount of wiggle in the bearing. that's because the bearings/hub will expand slightly once them warm up. that's why you need to leave them slightly loose.
tip: before trying to remove the old bearing races, heat/warm the rotor with your torch. leave your new races in the freezer for an hour or so to shrink them before installing.