you got the right idea.the studs are threaded in,i heated the hub and used vise grips to get them out.i dont have my 4.5 wheel anymore that i machined and the xr 650r might be a little different but heres what i can help with.first shave off a 1/4 inch off the brake rotor side lip then shave off the bearing seal lip flush with the bearing.then the rotor bolts have a shoulder on them and you can counter sink the bolt holes so the shoulder seats all the way down.i used a drill bit to do it.then that should be it for the rotor side.now put the wheel into the swingarm with the brake caliper arm in place and a washer between the wheel and the brake bracket.then see how much you need to take off the face of the cushdrive so the sprocket aligns where the original sprocket was.mine was just a feww mms from the side of the swingarm.then have the cushdrive milled off,then weld the cushdrive to the wheel.when you weld it make sure you spin the wheel to make sure the cushdrive is straight then weld it up.i didnt weld all the way around but you can if you want.then cut a spacer to take up the room between the swingarm and the sprocket.i used bolts for the sprocket that i grinded the head down till it fit with clearance from the swingarm.its pretty tight but i actually cut a little off the lip of the swingarm to clear the bolt heads.you will see what i mean when you place it in there.hope this helps.let me know if you have anymore questions.thanks!