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It´s a good idea to do both - that is to first glue the bearing to its seat, with something that can still be removed (shoe goo sounds like a good alternative, but hot glue, or small amounts of cyano works too), then do the cyano-inside-the-bearings treatment as step 2.

Otherwise there is a definite risk that as the cyano sets, the axle starts to pull the bearing along with it, and you end up with a bearing that is glued onto the axle and rotates in its seat.
This no disaster, just remove the whole rear axle assembly, hold the bearing(s) firmly in a pair of pliers while rotating the axle to break it free. Rotate the axle a bit by hand to make sure both bearings are free and then reinstall the assembly and glue the bearings back into their seats. Apply power to the motor, and you will hear a distinct increase in the revs as the axle loosens up inside the cyano-covered bearings. If the motor stalls, immediately cut the power, work thing up a bit more by hand and then try again.

Adding too much oil inside the bearings prevents the cyano glue from entering and forming the new bearing. Wipe off the excess oil before doing the cyano treatment.
Experiment on a cheap and expendable car first to get a feel for it.