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Unless you're really strapped for cash, a new hub really is'nt that expensive. You might also luck out in the wrecking yards. They used the same hub/rotor from 84-93 according to the LMC catalog.
I'm not that strapped, I'll prob price it out because if one has done it, it wont be too long before another one goes.
I have a junk yard real close as an alternative as well. My only problem is that my truck is over at my buddies house and the place I have to work on it is limited.....
I need to find a garage somewhere to do work......
I hope the studs not that loose, but I suppose anythings possible. I used this method with an aluminum wheel on a Lincoln Town Car (neighbors) and no, it did not damage the wheel (I'm not sure how it could??)
my thought is that if you cut all the way through the nut. or when you almost throught the nut might break and you jam it and the hole saw into the wheel. but i guess the nut would be able to be loosened long before you cut all the way through