I doubt if a stamped steel hubcap is concentric enough to run true enough in a lathe to get a nice even cut. I like Kevin’s idea of cutting out the center liner leaving the rim intact. That would give you the best shot at not distorting the hubcap. Using a thin cut-off wheel in an angle grinder should give you a clean and thin gap to Enable you to TIG (or MIG) back together.
I'm confident they can be chucked up with a 4 Jaw. It's pretty common for NAPCO guys to chuck the OE caps up to cut holes for locking hubs with no issues.
I hammered these out from the back, sanded, rust treated, bondo and then paint. One even had a rust hole that i filled with JBweld. At least three years outdoors and they still look good. I went with all black but they could be painted factory colors and still look good
I like your truck, 66flea! Your caps look pretty nice from what I can see! Are you saying you did your body work without separating the inner from the outer cap? You wouldn't happen to have any more nice 55.1 3600's laying around would you? I'm in need of a pair.