It'* been a while, but there have been problems reported with the sensor the for ELC. Replacement takes care of the problem. While I haven't done it personally, from what I've read, it is easily replaced.
What kind of problem are you experiencing with the rear end? We've had several reports of front wheel hubs going, but only one that I can recall of for the rear hubs. The rear rotors have been known to warp, and/or pit and I think there was a technical service bulletin about some noise (moan or groan) where replacing the pads was the fix.
Welcome to the Bonneville Club.
Black 2000 SSEi, Silverstar Headlights, Angel Eyes fogs, 3rd brake light overlay, hi-flo cat, drilled 180 degree thermostat, Intense FWI, PCM, shift kit, and 3.4 Pulley. Solid front mount.