I just took the rear drums off my new (to me) 98 accord w 130,000 miles.

One drum had what looked like grease everywhere. Is it possible for the hub to leak grease, or is what I am seeing is brake fluid that looks "congealed". If the hub is leaking grease then I need to get a new hub for this side.

The other brake drum assembly was clean (other than brake dust), but the hub did not rotate smoothly at all. Do I need to get a new hub for this side?

 

I doubt there is grease leaking into the hub, more often the slave cylinder is the problem.
Peel back the rubber boot and see if brake fluid comes out.
On the other side where you say the hub doesn't turn smooth.
If the drum is warped [out of round] it will grab and let go when you turn it by hand.
Most parts stores will turn the drums pretty cheap.

A driving test for warped drums is to get on the highway around 50 mph and lightly pull up the parking brake and feel the vibration

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by hondadude &raquo;</TD></TR><TR><TD CLASS="quote">
On the other side where you say the hub doesn't turn smooth.
If the drum is warped [out of round] it will grab and let go when you turn it by hand.
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The hub does not rotate smoothly with the drum removed.