If the rim is already rotted to the point of being garbage, there is no harm in cutting a chunk of the rim out with the stud and then cleaning up the back end of the stud. If you are doing this, consider running a die down the stud before you take it out of the rim so it is secured while you are rethreading it. You would be welding on the back of the rim so probably not messing the thread but some anti spatter might be a good precaution.
However you decide to go for the repacement stud, take the time to do a nice job on taking out the old one so the new one sits square. You might want to put the two halves of the rim together and use a nut on the stud to hold it all in place and tight while you weld. I've worked some rims with studs that were off square and they were a nuisance.
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