Very shallow cut here. 1/16 inch is all you need if you want to save/reuse the studs and/or drum. 5/8" hole saw. Can be any brand. Some retailers might not have one that small. I bought this on Amazon because HomeDespot Canada didn't have this size.
I'm hammering them down by maybe 1/8 - 1/4 inch here. Screw lug nut flush with top of stud, then get a big socket. I'm sacrificing the adapter here, it's taking the hammer blows.
If all you're doing is one or 2 studs, then you won't be going any further once you hammer them all the way out. But if you're going all the way - then after hammering all the studs down then remove the support you put under the flange and then hammer on the center cone and it will drop out.
Hub has dropped out of drum, won't take much hammering now to get the studs out.
Why not take out the old races while we are here?
Cleaned up, with new studs (both left and right now have right-hand thread).
Look for stud P/N 97070 on Rock Auto. Aka Dorman 610-132.1 Sold individually, black oxide finish (not that bright plated finish - yuk).
I pressed the studs in using a big vice and a 3-foot pipe to turn the vice screw. And I even touched the ridges of the new studs a little on a grinder and it was still an absolute bear to do. Some say to tighten a lug nut to pull the studs in. I can't imagine putting the stud threads through that agony.
New dust cap is coming. Rock Auto has wrong P/N for that.