NO WAY! To replace the wheel bearings on this year, you have to replace the hubs.

Easiest way to tell if it's bad - jack up car, remove wheel, rotate wheel by putting a wrench over an empty stud and spinning the whole assembly. If you get it going really fast, maybe you can simulate the same sound. I found one of mine when chunk chunk chunk when I got it going, but made no noise at all when spun by hand. You might note that the bad bearings could cause your rotors to warp or vice a versa. So get them checked or replaced (at the tune of like 50$ each from FCP) to avoid future damage.

The hubs are, unfortunately, about 125$ EACH from kragen and they were the cheapest I could find after several months of looking.
The job is easy as changing your brake rotors, plus only a minor issue with them about the bearing retainer. I put a post in the FAQ about it because I chased it around for days before I figured it out.

Don't waste your money on a shop!

EDIT:
Bad me, didn't read all the posts. But I still say what I said before.
I also want to add in, did you check the suspension components to see if there is anything that could be loose enough to make the tire wobble?
And - What about water in the tire? Sounds crazy, but if there were lots of liquid water in the tire, maybe... maybe? it could make a singing noise.
And - try changing your tire pressure to see if the pitch changes with the pressure.
And what size tires are they, and have you googled for that particular michelin tire singing?


Good luck!
-Will
--
1990 740 Turbo, on its way to stock specs, maybe beyond