Hey Tim:
SAFEST... cut a 6"x6" access hole behind hose bib and then decide if installed by solder or by threads. Then install a spring loaded access panel (sold at all home supply stores) for future access should you need it. Then replace if needed.
Also, there are some really super antifreeze WALL HYDRANTS you may want to consider if you are in extreme weather conditions... google
anti freeze wall hydrant see what comes up.
Check these links just to check them out...
Hydrants - Zurn.com
Watts: Wall Hydrants | Drainage Products
Wall hydrants are definitely more expensive... but also more durable.
Anyway, I threw this out just
FYI. I would not normally recommend this, but these are gaining popularity residentially lately (some even allow cold and HOT water to be piped together so can adjust water temps. At hose bib). There are many different kinds of wall hydrants.
Let me know what you think... Mark