If you do cut the felt to replace it without taking the knuckle off, silicone the split and it will be as good as gold!
I would take it all apart and replace the bearings since you are that far into it. It isn't hard to do and the time you save by doing this now will be well spent.
Just keep the shims with their respective relationships, upper and lower, and you won't have a problem.
Danny

1985 SR5 4Runner
eLocked with Carter Lock
4.7:1 single case
Davez Offroad twin stick