old rear bearings (not necessarily knackered) have a very loose feel when you spin them on the car.. when you spin a new one it feels much tighter and stops spinning noticably sooner...
i'd suggest if the tone washer was worn down, definatly replace the bearing... if your really having problems getting it all back on and tone washer still rubbing, you could try getting a TINY amount more machined of the hub where the washer sits down....
if the tone washer just literally feathers the sensor and doesn't strike it enough to deform it, you may get away with that....
you'll be able to tell at slow speeds whether the ABS is getting confused or not as you'll hear ticking from the ABS module
rgds