Yep, much better plan.
To be honest, if I was designing a stub axle I would look at upright off a car, most have axle pressed in which would be much easier to press out, modify then press back in.
Uprights are usually forged steel so would be easier to carve on then weld into chassis
You may find trailer wheel bearings with 47mm OD?
That was easy ;D
http://www.ebay.com/itm/32005-Nachi-ed-Roller-Japan-25x47x15-Taper-Bearings-25mm-47mm-15mm-/130573030578?hash=item1e66c254b2