My first bike was a 1966 Honda CB160. I have never heard of anyone turning an MC brake drum or cutting down a disk. Bike brake drums and rotors are not built to last forever. They are built to cut down on unsprung weight.
"relace the hub and it pulls the hub out of round?" I believe the answer is loosen the spokes then tighten them up with the wheel spinning on a wheel building spindle. As you try to tighten the spokes, you will have to constantly check for axial and radial run out.
My other bike is a Honda ST1100. I don't miss spoked wheels!