Since that hub looks like it has been on there since the dawn of civilization, it'll be a fight. Yes, strip all the paint off the shaft, and and rust, too. Thoroughly. A powered wire wheel would be a good tool for the job. Finish with emery cloth. Soak the he// out of it with WD-40 or other thin penetrant, going in from both ends AND both screw holes.
Get yerself a hot wrench (propane or MAPP torch) and a bucket of cold water. Heat that puppy, HOT. Immediately quench with the cold water. That will break the rust bond. Now, using a hammer and drift, drive that sucker off the shaft...