I jacked up the front end until a wheel would turn freely. I then used my Dremel tool with a cutoff wheel and while holding the Dremel very steadily, I cut on the dotted line while turning the wheel round and round until I had cut through.
I then wrapped the edge of the part that I had cut off with electrical tape and then slit some foam tubing that I had and fit it on the edge over the tape. I originally used some Goop to secure it, but that made a mess so I used some crazy glue. That little foam block was put inside this new cap and placed onto the hub bearing cap. I held it in place with a finger as I slide the drum skin back on and then the wheel. The cap can be adjusted to center it after the wheel is bolted back on. I left it like this for now. I might attach it in a more permanent manner later. Or not.
This is what it looks like without that foam block pushing it against the drum skin. Maybe I can make another cut farther down the cone to further stream line this idea.
All it takes is time.