I've never used the tool sold to remove hubs personally. Last time I cut all the studs flush with the drum then used an end mill and just plung cut through them and knocked them out. However, the tool does look easier...
Buy a hole saw for metal..little larger than the stud. Put it in a 1/2" drill and cut down into the swage a bit...hit it with a hammer and she should fall out...at least thats how i did mine.
5/8 hole saws from Lowe's or Home Depot's online sites worked for me and are cheap! By more than one, as they can disintegrate if used too aggressively!