A good friend John Charlton gave me this tip today and it worked:
1 Remove the hub cap.
2 Take split pin out of the rear axle and back the nut of 16th".
3 Replace split pin.
4 Drive a couple of miles slowly try turning full circles left and right (I put in some figure of 8's) for good measure.
5 Bump down a couple of curbs from the sidewalk.
6. Back the breaks off, jack the car up put the axle stands in.
7 Pull the wheel wiggling it side to side and off comes the wheel.
8 Fill the bearing with cloth and cover with plastic and tape it on tight to stop any filings entering the bearing.
9 Grind a line in the back of the loose stud and drum in a position that will not allow the weld to interfere with the emergency break linings.
8 Weld and smooth off from the drum through the stud.
9. Clean out to remove all filings.
10 Remove wheel.
11 Replace brake drum torque top 100lbs
12 Replace wheel.
13 Tighten breaks.
Job done when you let her off the axle stands - very simple and much easier than drilling studs for me.