The accuracy your talking about can’t be accomplished without a custom fabricated jig but it can be removed by cutting the stud flush to the axle face, placing a center punch mark as close to center as possible and drilling it out with a hand drill.
However, you don’t need to drill it out entirely but just get the wall thickness down thin enough, so you can drive a sharpened punch between the stud and the axle and collapse the outside of the stud shell into the center of the hole. I then use a needle nose pliers (kind of like the old tin coffee can opener keys), wrapping the shell around the end of the needle nose pliers . As you twist the needle nose pliers, it pulls both sides of the stud shell, collapsing along the way.
One more tip, if you drill hole is that far off, you can take a die grinder (or a Dremmel) or even a round file with allot of elbow grease and thin out the fat side.
Last edited by Phak1; 04/04/2021 1:37 AM.