So I am going to put in a new wheel bearing in my rear axle and was reading my manual for the procedure. It uses a special tool to remove the bearing but I want to just rent a tool instead of having to buy it. Would this tool get the job done?

OEM/Axle Bearing Remover Set | Axle Bearing Remover Set | AutoZone.com

 

Yes, but make sure you get/have a slidehammer to go with it. That attaches to the end of the slidehammer. Seal tool is also good for installing the bearing and the seal....looks like the thing below and to the left of that pic in the link.

 

For the seal remover something like this?

Seal Puller w/2 Tips

 

yup!