The drums from M/T are ductile cast iron, not grey iron. Nonetheless, the mfgr discourages swaging the studs due to the risk of cracking. Also, to my knowledge, there are no "swagable" studs available that are long enough to pass far enough through the thicker cast drum center and expose enough material to swage.
The mfgr also believes, and I agree, that it is an advantage to have the drum slip on and off, as it makes servicing the brakes easier, especially the rears.
All things considered, I do not see any advantage to swaging, and if there is any risk of cracking, that is too much risk for me. I do not wish to have to fight that fight...
The new hubs are cast steel, and therefore it is acceptable to press
serrated studs into the holes. We also convert original hubs to press-in serrated studs. Because the originals have either a boss or a ring that keeps the original studs (which have a flat on the head) from rotating, we grind a flat on the new stud so that it will clear the boss or ring, and also we are not depending on the serrations alone to prevent rotation.