I'm sure there must be a "How to" on here somewhere but for some reason every time I search a topic I get nothing. When you do a lug bolt conversion do you buy new hubs? Or are the original hubs drilled and new studs installed?

I assume you are talking about going to 5 lug?

you can do either way - drill 4 lug hubs and rotors - or buy a bunch of parts.

http://www.914world.com/bbs2/index.php?showtopic=80641

Here is another link!
Eric's Q&A Conversion

... or is this converting from 4 bolts to 4 studs?

Pete, if your just converting from lug bolts to studs you simply need 14x1.5x50 screw in studs and good ball seat lug nuts.

As mentioned above, if you want to go 5-lug then there's a myriad of options in that link that Jeff posted.

That's what I was searching for. Thanks. So, if I wanted to go the poor mans route, I could essentially have the rotors and hubs drilled for a 5 lug american pattern? 5x4.75" and 5x5" ?

Yes.

Never even thought of doing this. I was frustrated last time I was trying to put my wheels back on. With your experience is one better then the other? Or what is your preference?

There is a stud type tool , as seen on ebay , that screws into the 4 bolt hub just for the situation that you mention. It screws into one of the bolt holes and you then slide the wheel over it while it holds the wheel in place to install the other three bolts , sometime made from aluminium about 5 inches long. Seems that they weren't that expensive, but haven't looked at them for some time.
If you want to go 5 lug/stud there are several ways to do it , most all of them documented here, just search.....

Jack

No need to buy one. I just cut the head off a lug bolt, then slot it for a big screwdriver.