I appologize for the delay in my answer, We have been having a lot of problems with our cable internet connection, hopefully it is finally straightened out.
Now to answer you question, how to get the copper pipe and lead joint out of the cast irom pipe hub.
I would first cut the copper off close to the hub (leave about 1/4 to 1/2" sticking up.) You may then be able to use a punch to collapse the copper inward until you can pull it out, but in all likelyhood the lead is sticking to the copper in the same manner as solder would so you may not be able to pull the copper out.
You may try to use a minihacksaw to make a vertical cut in the copper.
Then use an electric drill with a 3/8 bit drill two or three holes vertically down into the lead close together to make a starting point. The idea is to try to cut a vertical slit in the lead. Once the lead is cut you should be able to use a large flat screwdriver or a prytool to pry the lead out of the hub. (I often use an old automobile tire tool that has a pointed end to fit into the holes in the lead)
With a bit of effort the lead should pry right out of the hub.
Once you have the lead out, use your screwdriver or pry tool to remove the oakum that is below the lead (It will look like a wad of frayed hemp rope, probably black with age.)
Once you have the lead and oakum removed clean the inside of the hub with a wire brush. Cast Iron is naturally rough so you will not get it clean and shiny, just be sure to get as much of the loose scale and rust as you can. Wipe the inside of the hub with a rag, and you will be ready to begin making your new joint.
When the PVC is fit into the hub you should have about 3/8" clearance between the outside of the PVC pipe wall and the Cast Iron Hub inner wall. (You may find that a PVC coupling will fit in and leave the correct clearance, if so, insert the coupling and set it in place, then you can glue your new PVC into the coupling.)
With the PVC in the hub all the way to the bottom of the hub, Pack Oakum between the PVC pipe outer wall and the cast iron hub inner wall in the same manner as it was done for the original lead joint. Use a narrow punch of some sort to pack it tightly into the hub until the hub is half full from the bottom.
You can then fill the remaining portion of the hub with plumbers epoxy or there is another product that is difficult to find but works excellant. It is called "Black Swan Iron Paste" Made by Black Swan Mfg.Co, Chicago, Ill. 60651
Black swan iron paste is a type of plastic liquid lead that is made for making joints in cast iron pipes. I found it at my local hardware store. About $6.98 for a quart. The quart is the smallest container I have seen it in and a quart will be plenty to make a half dozen such joints in 3" cast iron pipe.
In the attached illustration you will see how to use a drill to cut the lead out.