Brake drum problem

I understood that the swaged studs were only used until ~68, but hard to say since it goes away when drums are replaced. The swage isn't much, just something they used at the factory to keep it together during assembly. You can probably cut it off with a Dremel tool wheel or a hand file.

If your goal is to save the hub and you don't care about the studs or drum, you can do like I did at the junkyard to get a hub off a 67 Satellite. Put the lug nuts on flush and beat them thru with a hammer. That will shear the swages off. Once all studs are off, do the "throw drum on pavement" trick until the hub falls out. I like to pick a closed shopping center or somewhere other than my own driveway. If the drum has been replaced before, there won't be any swages, so just spray WD-40 and start throwing, but put the lug nuts on loosely so the hub doesn't hit the ground. A propane torch on the drum might help too by expanding the hub hole.