Why do you want to take swingarm off?
The spindle may be stuck in bearings after all this time but you don't want to hit it with hammer. Have you taken out bolts at both ends? One is an Allen bolt with steel washer the other end is a countersunk head Allen bolt in an aluminium washer with a countersunk hole. Once both bolts are out find another longer bolt to use to draw out the spindle, you don't want to damage the original. Find some washers to fit in hole in arm but with a hole in them that the spindle can pass through, then tighten longer bolt to try to pull spindle through bearings. Obviously you won't be able to pull it all the way unless you have a very long bolt and loads of washers, but at least you can get it moving. A wee bit lube on spindle once it is out a bit then try to pull it other way to draw lube into interface of bearing/spindle, try not to spray it in bearings as they are usually OK and it is a pain putting new ones in. Then back and forth till it comes out. Used same method with the axle for the swingarm end of shock which really gets stuck in bushes, here you can skoosh loads of lube to soak axle/bushes.
