Now that doesn't look all that bad that it can't be easily rectified. I would say it would be a lot easier with it off.
If everything is still attached on the other side. A little pressure on the outside nut should pop it right out. This spring I had mine all disabled and the parts literally fell apart when the nuts came off. As far as the wheel bearing goes its more than 50% it survives. Mine survived when taking it all apart but they were leaking so they got replaced.
Dave B.