When I encountered this problem on my '39 I cut the stud off flush with the hanger to get a flat place to center punch as close to center as I could. I then drilled a pilot hole as deep as I could and progressively drilled larger holes. I found as I got close to the diameter of the stud the rubber/canvas got hot enough to drive the stud out. I then used a 3/4" drill to complete the removal of the stud. The new one was a snap to drive in after honing the hanger out to fit.
best to remove the center section and then the outter metal casing. DO NOT increase the size of the hole in the casting (3/4") to make things fit. The new shackel pin is about o.753 and made for press fit. If you belong to a regional group of the V8 Club ask for assistance or maybe a loan of a press to install the new.
with a small drill bit, youcan drill out some of the canvas/tar mess. Then drive the stud out. Then work on the casing with a small chiesel or a hack saw. Not an easy job.
clem
Also there is a tool that is made to drive the new shackle bolt into place after the hole is cleaned from the old bolt. This tool makes installation easier. I bought one on *-bay recently, since I have misplaced the other two that I have had for years! Tom