Your plan will work if you can't find a puller. Using the puller IS the correct way to do this, however.... if you choose to cut the studs do the following:

Cut the studs off as close to flush as possible. Then drill a 3/16" - 1/4" hole in the center of each stud approximately 1/2" deep. This will allow the swedged area of the stud to collapse on itself and not damage the hub when you force it out. If you don't drill this hole it WILL damage the hub and you'll have to pull it anyway to drill a larger hole and then find studs with a larger knurl diameter. Simply drilling the hole will solve this problem.

Once you have the drum off rebuild the rear brakes while you're in there and then replace the studs. Drill the holes in the drum to the size required to fit over the knurl area of the new studs and you're done. This will allow you to simply slip the hubs off whenever you need to service the rear brakes as well.

Like I said, this is NOT the best way to do this. Removing the hub with a puller and pressing the studs out (after drilling the hole) is the best way. But this will work if you're careful and take your time.

Good luck.