I mean, if the swedges are getting cut and the drums are getting replaced then everything is off the car and you're about as close as you can get to installing new studs as you're going to get without actually doing it.
Do what you want, but 50 year old studs with an unknown history aren't my favorite to trust with my life. Will it be ok? Probably. Would it be a real kick in the *** if the studs shear and the wheel comes off when you hit a pothole? Yup. And you'd never know if new studs would have held up either, but you could always wonder.
