Q: Will a bad wheel bearing cause a transmission not shift into overdrive

If the wheel bearing is mechanically “seized” or so hung up that it is preventing the wheel from turning reasonably smoothly, then yes of course the vehicle might not be able to accelerate enough to reach the shift points. But, the damage to the bearing would have to be really exceptional. You can simply test for that by driving to the top of a hill and letting go off the brake. If the vehicle moves forward and picks up speed readily on its own, it is really unlikely the bearing is so bad that that is the cause of the failure to accelerate and shift gears. Note that axle nuts can only be tightened with a torque wrench to the precise value in the Service Manual because overtightening the axle nut will drive the ball bearings into the races and cause very early bearing failure. If the bearing has already been diagnosed as bad, of course definitely request bearing replacement but at the same time you may need to obtain diagnoses of the acceleration and failure to shift issues as well. It is possible that the latter problem(s) may simply be a coincidence, arising at the same time that the bearing failed.