This particular specification was produced for a short period of time only...
Telescopic forks were introduced just over half way through the 'model season' but the bikes still had the WD type gearbox without a speedo drive...The later box was introduced for the following year...
As they had now lost the front wheel drive for the speedo, for around 4 months the speedo drive was fitted to the rear wheel...
This rear wheel was as you describe...Therefore not the WD type but with the brake drum riveted to the hub and the speedo drive added...
The winged BSA logo was introduced for '48 and the front brake is correct for an M20/21...
Yes the riveted rear hub will need some attention, the sprocket teeth looked worn, ie hooked, so ideally need renewing, which is going to be a tricky process. The bearings for the rear had some play too. I'm going to be busy