You could try that, but you won't need to touch the wheel bearing, the flexible brake hose will limit your movement, don't pull on it or you may end up breaking it. You will probably need to take the dust shield off if you can get to it.
Your only option might be to undo the brake hose, driveshaft nut, ball joints suspension mounts and take the complete whell and hub assembly off. But even then it might not be too easy to get to the back of the stud.
It might be easier to try drilling the stud through the nut until the nut falls off, but it won't be too easy and you'll need a bigass drill bit. :?