Jack - Here is how to make a tool to do it. You need a piece of chrome moly tubing just the right size to fit through the center of the hub. I am not near a hub so can't tell you what size. Maybe 3/8". Cut two slots with a hack saw at right angles in one end of it, down about an inch. Bend the pieces out about 1/2" each, maybe a little less. Has to be just enough so you can still pull them through the hub narrow end first and have those flared out pieces snap in behind the race. Might take one or two tries making just the right tool. Helps to grind the flared ends so they are nice and sharp and will bite behind the race. Now lube up the races and tap them out from the other side, supporting the hub on your vice padded with a rag to prevent damage, or a block of wood with a hole bored in it just the right size. To press in the new races you can either buy a set of blocks specially made to press in all sizes of races from Bicycle Research, or you might get lucky and have a socket (as in one that goes on your socket wrench) that is just the right diameter, slightly smaller than the outer diameter of the race, so you are pressing it in on that little flange and not the bearing surface. You will want to press it in with a vise but be sure to put a block of wood on the other side to protect the hub, or maybe another socket in the end which will push on the race seat on the other side.
From: Jack Countryman <jcountry@mac.com>
I've got a set of wheels with Campy high flange hubs, that originated on my 72 Paramount. The pressed in races in the hubs are in bad shape. I now have the replacement races to put in them, but haven't figured out how to pull the old pressed in races out, or what tool is needed to do the job. I suppose the large Campy toolsets that used to come in the wooden cases may have had some sort of tool for that job...but I don't have one of those tool sets. Other techniques or tools that will work?
Good luck
Bob Freeman
Elliott Bay Bicycles
2116 Western Ave
Seattle, WA 98121
206-441-8144
http://www.elliottbaybicycles.com
http://www.davidsonbicycles.com