I've pounded out studs in a vice before, as well as using a nut to pull the new one in. As with most things, the details are important. First, put the hub in a vice with padded jaws so that most of the hub is being supported. Then pound out each stud with a mini-sledge or dead blow hammer. Little risk of damaging a hub if you protect it like this. 4-5 blows with a mini-sledge and they come out pretty easily.

To put the new studs in, I agree that using a lug nut is a bad idea, as it will get ruined in the process. Buy a "sacrificial" grade 8 nut to use for this. Also, as Go Dad said, use a stack of washers, and grease them to reduce friction. Make sure that the ID of the washers is larger than the OD of the shoulder of the stud. You can see in the photo that the two bottom washers are different than the others. This was to accommodate the shoulder. An air impact will draw the studs in easily. If you're paying attention and stop when the stud is seated then, again, there's little real chance of damaging anything.