I have successfully and easily removed rear wheel studs using this tool, without removing the axle. The same tool can be used to safely/easily install the rear studs, without removing the axle.

I use a hydraulic press to remove front wheel studs.

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.