Hi 33d6.
The British hub co. wheels I have on my OK, and he others I have converted have knockout cones
the o/d of these is 1.5in so a 00150 taper roller outer and a 00050 inner will fit, some locknuts or threaded spacers
will be needed to provide adjustment.
A hub I did recently had sleeves already fitted to reduce to 35mm, so 6202 bearings with an inner sleeve 20mm turned to 15 mm for the bearings, this is bored through the centre to take a 1/2 in. spindle
Regarding your question on alignment, is this for boring out the hub itself ??
I do this as a last resort, preffering not to alter the original,
I set up the hub in a 4 jaw chuck clocking the old bearing surfaces, if this proves awkward or doesnt line up
I turn a mandrel that the hub will be a tight fit onto, a pipe centre or a turned bush with a centre on the tailstock side,
Then turn a reference path(for the dial gauge) true to the inner on the hub outer surface,
If the wheel is built and wont fit in the lathe, (mine will take up to 21 in. depending on hub width) I can use a boring head on the milling machine to bore the bearing housings, same methods of centering
I hope this will help you??
Photos of a 20's AJS hub and a complete replacement hub for a Rudge attached
I dont have any British hub co hubs in bits at the moment, (forgot to take pictures of the last ones I did)
HTH
John