Hi Jim,
I have just set up a twin disk conversion on a K7 which has basically the same front end as your bike, but just x 2.
It is important that the caliper arm lines up with the disk. If it is not then the pads will not contact the disk at right angles (i.e. using the whole area of the pad) the result will be poor braking and uneven wear at one edge of the pads.
Is the caliper too far over towards the wheel, or towards the fork stanchion?
Check the caliper & bracket are the correct ones and that they have been fitted correctly. (Come to think of it - is your wheel fitted correctly?)
As the problem seems to have arisen since you have had new bearings I should make sure that they are fitted correctly as well.
When the caliper arm is lined up squarely with the centre of the disk you will need to adjust the brake correctly. Fit the caliper and turn the adjustment screw until the brake starts to bind and then screw in a turn or so. You should now have a bit of play in the caliper arm. Nip up the adjustment locknut.
Give it a 10 minute ride about and re-check the wheel is still free to move. Sometimes they get a bit tight. I like to feel a bit of play on the back of the adjusting scew by putting my finger around the back of the caliper arm.
Hope this helps,
Regards,
Ray