Andy,
When it comes to what to do with it, there are some really good write-ups - ie succinct and detailed - on the site. I think I've referenced a few in the post, below.
When you have it apart it would obviously make sense to examine and if necessary replace the large steel and rubber bush that is so often talked about. It's about 70 euros over here, but will last a lifetime once done. That job also involves replacing a few small copper bushes and the rubber seals when reassembling. The key thing to do as I'm sure you know from having done this with 107s is to index with a metal punch the castillated nut to the axle and thus avoid having to go through the hassle of fitting a new crush sleeve and re-establishing the torque settings, etc.
When I did this last year, I replaced the two wheel bearings and the oil seals, but the remaining bearings looked to be in excellent shape. Most of the hassle I had doing this came from digging out powerder coating which had go to where I hadn't expected it to be, and changing from drums to discs (which involves, basically, a complete re-do of all the brakes, lines, master cylinder change, etc). The axle was the least of my issues.