I'm guessing you have the 9/16-18 x 3.28" long wheel studs that came with the 12x3" drum brake applications. That's too bad because those studs also have huge knurl diameters of .677", so there aren't any 9/16-18 or M14 options that I konw of to replace them with something shorter. Shortening them may be your best option.
Thread files are relatively cheap and should be part of every automotive mechanic's tool box IMHO.
http://www.summitracing.com/search/Part-Type/Thread-Files/?keyword=thread+file&kr=thread+file
When I shorten wheel studs, I prefer to do it off the vehicle and not already installed in a hub, but I realize that's not always practical. When they're not installed, I typically just grab the end I'm cutting off in the vice, mark the length with a piece of masking tape and then chop them to length with a .040" friction disc (Metabo). I'll then chamfer then end of the stud on a belt sander if handy, hit it on the deburr wheel and finish dress the lead-in threads with the thread file if needed.
I've done the nut trick before and had the nut gall on the way off, ruining both the stud and the nut, so if you use that method, be sure to deburr the cut as well as you can before removing the nut and apply anti-seize so things go smoothly.
Tobin