Should do. I would recommend drilling out the centre to match the distance across the flats of the nut (perhaps just shy of it by 0.5mm) and then heat up the nut and press it in. If you have a large 60w plus soldering iron this should heat up to the ideal temperature. If not then a blue flame lighter (few quid on ebay) will do the job too. Just make sure to do it somewhere well ventilated and do not touch the nut when it's hot (seems simple but i've burned myself a good few times doing similar things).