Yes you are. You are making it a lot more work by removing the hub than you need to. Even if you do get that axle nut loose, you then have to free the hub from the axle splines. This may or may not be easy depending on the amount of corrosion on the splines plus the other bolts holding the hub onto the knuckle. Just do what Vytas has suggested and Ken's great directions and use a Dremel tool with a reinforced cutting wheel or grinding wheel to relieve a small area on the hub for the studs to pass through. Also make sure you paint the area you've just ground with some clear to keep corrosion from forming on the hub when you're done. It's not rocket science and it's a lot quicker than trying your way because you are still going to have to grind the hub in that same area while it's off the car. Doing it the other way will save you time, money (no new axle nut to buy) and aggravation.