Przemek and all:
I did some troubleshooting. i think it *may* be the swingarm. So I found, when cold I can get it to do the creak if I put it in gear, pop the bike on the centerstand and then push the tire against where the gear engages (backwards or forwards). no amount of loosening and re-tightening the final drive with or without the shock on helped eliminate the noise.
however, when I pop the axle out so the thick part is out of the 'collar' the creaking is gone. and getting the axle into the collar seems harder than before. also there is a lot less room to get the brake stay arm and the washer. I will talk to sean about this in the AM as he made the swingarm.
so thinking it might be the swingarm i popped the new wheel/tire off and put the final drive back on and popped the old rim and tire on, well I couldn't reproduce it. however the bike was cold and I didn't run it (which I should have) but there was no noise. (now i'm confused)
so i put the new tire/rim back on (pain in the ass) and tighten everything down, no squeaks! yay! start the bike up run it thru the gears for a minute or two. damn. creak is gone when in gear and pushing against where it stops, but in neutral i can still hear it creaking. I even swapped the inner race and brake side spacer from the known good wheel to the new wheel.
also when i had it apart i put the new wheel with axle on some jackstands and spun it. no noises, no visible runout of rim (as expected tiny bit on the tire)
also i tried no rim, just putting the axle through with the final drive, and it still didn't want to slide back in perfectly, so i'm still not convinced its NOT the swingarm, but why one rim does it and the other wont I do not know, they are both OEM hubs.
As requested i snapped some pics of the needle bearing inner race. the bearings still seem smooth on the new one, much better than the old one. click on the pics to have them enlarged, and most of them are of the same spot with me running my finger over it to show what is gunk and what is actually marked up. the one ring on there could have been left over from long ago, the inner race is 25 years old.