We recently had this discussion about retaining the axle bolts, and I noticed that GM hadn't adopted loktite in the era of our coaches. It existed but they hadn't started using it. Seems like the perfect application and they would certainly use loktite today in critical bolts that must never come out on their own.
Loktite also makes a bearing retainer compound available today that works up to 0.010". The original fit between the outer surface and the inner surface of the knuckle was a slip fit, close to 0.001" clearance. Once installed on the hub, the hub assembly was designed to slip into the knuckle. And to service (after removing the retainer) a few blows with a slide hammer was all that was needed to remove the hub assemble.
That slip fit is why, if the bearing fails, the outer race is known to rotate in the knuckle and ruin that hole.
In those instances, if someone weren't concerned about a 'forever fix' such as Dave's zerked knuckle and just wanted their somewhat worn knuckle to carry them down the road for several years, I wonder how well a bearing retaining compound would work at supporting the bearing in a somewhat worn open hole? I wouldn't be afraid to try it.
Removal later on would be a little more difficult, but nothing a small amount of heat wouldn't make possible.