The front hub questions are confusing. Here's some thoughts.
The Wasp came stock with S-2 wheels with .080 spokes and a standard deluxe Schwinn front hub. The deluxe front hub had a 5/16 (but metric thread axle) and had "replaceable" hub cups (#7 retainers) that the bearings ran on. All in all, it was a very good front hub, and was used in the Schwinn line for many years on various models.
The "upgrade" or heavy-duty hub option was a popular choice. In our family dealership we sold lots of Wasps, but they were always fully heavy duty equipped for newsboys' delivery. I cannot remember ever ordering or selling a base model Wasp. The Schwinn heavy duty (3/8") axle was used on what looked like the Schwinn Phone Dial lightweight hub but was all steel and had 1/4" loose ball bearings. This heavy-duty hub was used on both 105 ga, and 120 ga spoked wheels. The Schwinn heavy duty hubs were considered "knock out" hubs because you could remove and replace the hardened bearing cup that was pressed into the hub.
Bendix hubs were also used at times. IMO, I would not call them a "knock out" hub because they did not have replaceable bearing cups. In a Bendix hub (K series, heavy duty) the bearing ran on races cut into the inside of the hub shell. In addition to different various widths of the K series Bendix hubs for light trailers and horse sulkies, they also had two different versions of axle cones. One style used a common 3/8" Bendix rear axle for a front heavy-duty axle. In this version the special sized cones threaded directly onto the Bendix coaster brakes axle. No lock nuts were used. They also offered a more heavy-duty version for the K series called a quill axle. It had a hollow quill (think of an oversized lightweight hollow quick release axle) and although the cones might look like the plain version, they had larger holes and threads to thread onto the quill. They again used the same coaster brake axle, but it just slipped inside the quill, it was free floating, required two wrenches to tighten the axle nuts. The Bendix K "Quill axle style" has two different length cones. The quill has a machined shoulder and the short cone is screwed onto the quill until it bottoms out on the shoulder of the quill. Then the longer quill cone is assembled with the hub and set for bearing adjustment. It uses the normal Bendix 3/4" cone wrenches (no lock nuts) to adjust. The axle just slips through the quill.
The Schwinn (made) heavy duty hubs were Knock Out because they had replaceable "knock out" bearing cups. As time went by parts were discontinued and parts sourcing changed on the delivery models like the Cycle Trucks, Wasp Heavy Duty, American Heavy Duty, and eventually the final version of Heavy Duti bikes made in Chicago. You could find Union Heavy Duty hubs, Chair Heavy Duty Hubs, ACS Heavy Duty hubs after the Schwinn phone dials, and Bendix various series K hubs were out of production. As you look through the various years of Schwinn Dealer Catalogs, I believe this is why you will see the descriptions change when the listed the bikes specifications.
We also saw a change in buyer requests away from the low air pressure balloon S-2's to the models with higher air pressure (lower rolling resistance) middleweight S-7's wheels. This eventually killed the Cycle Trucks and Wasp models for heavy duty delivery, the American took over.
John