I have converted a 56xx and a Grange and in both cases used the excellent Ultrascale drop in wheel sets to EM gauge. Both work well and the 56xx is my best smooth and silky runner.
As to pulling out original wheels. I've done this on a Hornby 28xx (I took advice from the Cornwall Yard people). It worked well. I took the wheel set out of the chassis and supported it in the "vee" of a piercing saw table. Then I used a masonry nail to gently tap the axle with a lightweight hammer. After three taps, I felt the axle move and then gently tapped again until I could see movement of 1 mm each end. I finessed the b to b with a small vice and EM gauge Society back to back gauge. It needed spacers to take up the slack and I used Peco fibre washers with a segment cut out to slip over the axle ( thanks to Tim Shackleton for the tip). The quartering didn't move or alter during my bodging.
I've also converted a Bachman 57xx with the same tools and techniques. It ran after a fashion but I eventually substituted an Ultrascale drop in conversion which has resulted in greatly improved running.
I've converted the powered bogie of a Dapol streamlined GWR railcar using a GW wheel puller and then finessed the b to b with an EM gauge Society back to back gauge. This worked well and didn't need spacers. I wrote up the full conversion in the EM Gauge Society newsletter.
I think it is matter of "horses for courses" and recommend joining the EM Gauge Society. My preferred course when I can afford and get them is to use Ultrascale drop in conversion sets, but I've used Hornby, Markits and Alan Gibson wheels to convert Airfix, Triang(!) and Bachman locos and diesel railcars.
Give it a try and good luck.
Give it a try and good luck.
Ken