I had a similar noise going on and it turned out to be a lower ball joint... I thought it was the shock for the longest time because the metal sleeve on the bushing is worn out and rusty and has some play in it.. I started to feel it in my steering wheel, replaced the bj's and no more noise. sounds like you may be onto something with the hubs but thats another thing you might wanna check out.

1991 Trooper 2.8, 5spd - waiting for a different frame and tranny
1992 Rodeo 3.1, 5 spd - 1 inch between me and the headliner