The bearing life vs. motor speed issue is very much in the "wonderful world of tradeoffs." Bearing life is affected by speed and load, but bearing selection taking these factors into account is what determines the bearing design life. The combination of installation, maintenance, and operation then determines how much of the design life is actually realized. Extended operation with misalignment, vibration, inadequate or improper lubrication can produce a very short service life even for bearing chosen for exceedingly long design life. Conversely, a well installed, operated, and maintained machine can realize a very long service life even with seemingly marginal bearing selections.
Lubrication is a very important element in realizing maximum bearing life. Keeping moisture and other contaminants out of the bearings and lubricants can have a dramatic effect on extending life. The use of desicant breather filters, carefully measured greasing, oil rather than grease, oil mist lubrication systems, etc. can be of great value in realizing the full design life from bearings. Seemingly expensive installation, maintenance, and lubrication "extras" can provide dramatic paybacks when avoided down-time costs are taken into consideration.