I do have the wheels off my 86 GT and it looks like you can take a lug nut and thread it on one of the studs (one at a time) and rotate the hub or untill the stud is faceing farward (twards the front of the car).It doesnt look like it will clear,but once it's knocked free,you should be able to angle the stud out.Do this one at a time.It doesnt take much to get the new studs back in.
It looks like you may not need to remove the hub,but you will need to remove the brake caliper and rotar.Grease the chassie fittings while you have the car in the air.
[This message has been edited by James Bond 007 (edited 03-12-2008).]