the 1 piece replaces the hub and the rotor. it is a 1 piece hub/rotor. you can use your old bearings, or get new ones. the new rotor will come with new races and wheelstuds. you will need to buy new seals.

the '69 rotor wont work for you because the hub is too large of a diameter and will hit your caliper casting, so make sure you get one that is specific for 67-68 4 piston applications.

keep your old hubs and rotors, or give/sell them to someone who wants them after you have the new parts installed. i am not sure how show cars are judged on whether they still have the 2-piece design on them. i have seen NOS replacements for the 2 piece on ebay before, but they went for a lot, and i dont know if they were real. (replacements as in just the rotor-no hub. leaving it a 2 piece.)