Cut the stud off flush with the outer drum surface with a cutoff wheel in a die grinder, then center punch it and drill it out. Start with about a 1/4" hole and step-drill up about 1/8" at a time until you're close to the diameter of the part going through the hub. Don't drill all the way through; leave a blind hole so you can insert a big pin punch to drive the weakened stud out once it's drilled. It might be necessary to do a little chamfering where the stud passes through the drum with a considerably larger drill bit to remove any swaging that might have been done when the studs were installed.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!