The intent was not to grind down the calipers, but the inside of the rim (wheel bell). Another poster on here has already done it (Cletis) on their '54 GMC 100. Or if not add some wheel spacers.
i feel like grinding out your wheel would throw the balance off so much that you would need a large amount of weights to offset it, otherwise you risk the smoothnees of the drive and uneven wear. unless you're that good at grinding symmetrically all the way around the wheel.