I use a version of that - strong steel bars under the "meat" of the wheel, or just use the truck block and force the axle through wheel and truck block. It takes real force - i use a large drill press, but an arbor press would be better.
I have experience doing this sort of thing for a very wealthy customer (RIP). We wound up placing MTH or Lionel car bodies on 2-rail mechanisms. I got to keep the 2-rail bodies.
In one case, Joe Foehrkolb had done a really nice job of converting Lionel PA trucks, but the customer wanted smoother/slower mechanisms. Someplace out there is a pair of Lionel MoPac PAs with Overland trucks and mechanisms. Of course here I have an Overland PA body with Lionel trucks.
Also out there somewhere is an MTH switcher body riding on an All Nation NW2 mechanism. That is a bit more cost-effective. I think I would recommend an Atlas horizontal drive SW. Adapt your sideframes, mate the mechanism, and eBay the leftover body.
We did maybe five NWSL conversions on MTH SD9s and K-Line Train Masters. Takes time, which means if you are not doing it yourself it will cost mucho $. But SD9 and Train Master mechanisms simply don't exist (maybe CLW has the truck) so you are stuck with the conversion.