I hesitate to give this suggestion because I don't know if the structural integrity would be compromised too much, but if forced to choose, I'd sooner drill new lug holes in the hub, between the existing holes, rather than welding studs, but to do that right you'll probably need a minimum of a modest sized drill press and a cobalt or harder bit of exactly the right size.
If you wanted to then weld-fill the old holes, you could do that too, but frankly it is a lot of work to try to get a small amount of additional life out of an old hub.