Uh...you talking about cutting the hub itself???
If so, then NO, that ain't so good an ideer. Not safe at all, no matter where or how large a hole you enlarge.

I have heard of using string/floss to compress the springs, but, Imma thinking it would have to be some pretty dang stout floss to do that!
I must be weird(don't say it, Tux!), but I don't think I've ever really had that hard of a time installing that spring...it is a pain, I'll give ya that, but a little patience goes a long way!

Here's another idee you might try...
Instead of trying to hold the spring(s) compressed with the dental floss, make a slip-knot with a length of it. Take the open end of the "noose", and slip it over the pin head, and snug the knot up good and tight. Then, run the other end of the string/floss thru the center of the spring cup/retainer. Now, you have something to hold the pin out with while you install the spring/retainer. You can even tie it to something, so you have both hands to work with. This is a trick I've heard of for years now, but while I've never actually done it meself, I hear it works well.

Yup been here, done that, here's a post I put up on C3VR
a while ago about how to sort that pin. Works a treat. As I
say on the post, I have pix of the whole thing I can email
to you if you give me your email address.


Cheers
Kiwi Chris


http://www.c3vr.com/forum/forum_posts.asp?TID=61700&KW=

Finally Done!!  Joel and Chris 
Got the new parts installed and the parking brake works great!  Still making a grinding noise when you really get on the throttle...so hopefully replacing the diff. fluid fixes that.

Thanks to Joel and Chris.  Both of your posts helped me out quite a bit.  If anyone has to try this project in the future, the magic tool that does wonders is FISHERMANS FORCEPS!!!

I grabbed 2 at Dick's Sporting Goods...($5.00 ea).  Using Joel and Chris's Ideas combined with those two wonder tools, I had the job done in 2 hours. (both front and rear shoes)

Thanks once again for everyone's help. Merry Christmas.