I had seen somewhere on here that someone used a tool similar to a hole saw to cut that before removing. I am not sure if it was a regular hole saw or just for cutting the swedge, @RustyRatRod may know more.
Yes, all it takes it a regular steel cutting 5/8 hole saw. Really simple to do. I use my drill press but you can do it carefully with a hand held drill. I just drill the swedges all the way through the drum to the hub surface and that lets the drum loose.