Bruce you may be right, but here is my experience. The hole in the drum is tapered. Wide at the top, narrow at the bottom. The hole saws that I am familiar with are straight. The drum thickness is maybe around 3/16” give or take. A very thin hole saw would cut maybe just right at the very top of the swedge, but as you go down you would most likely cut into the taper in the drum. Remember in this case we are replacing a stud in an existing drum/hub assembly.
The brand name of the most popular swedge cutter is made by Goodson tools. It has carbide teeth, great for removing studs, but will destroy the drum for future use. Their web site may have directions for its use and price.
By carefully drilling and then milling the stud from the center out, the stud can be removed. A drill doesn’t drill a round hole, while an end mill in a milling machine will cut a round hole if the hub/drum is mounted properly. Even then I normally use a pick to remove any excess stud material
I have found no matter how you remove a rear stud you will most likely find a deformed hole in the hub by a couple of thousands. This could happen during the original swedging of the stud or the removal. I have never figured this one out. There are ways to correct this after removal of the stud.
Also, I far as know no one has manufactured a rear stud properly. Check your studs, they seem to be double stamped. Us guys with bad eyes use our fingernail to feel the edge. The double stamp can be ground off or removed properly in a lathe.
Thanks Big Hammer for the undeserved compliment.