Spend a little more money and a 1/2" impact will put out over 400 ftlb, and wring off 1/2" bolts/studs. Don't think it is ever advisable to draw a wheel stud in with the nut.
A big hammer and a solid punch/bar often works well.
Another handy tool for pressing in or out studs is a ball joint or u-joint press, looks like a big C clamp. It won't fit every situation but where it fits it's a good option.
