Turning a hub down that far would probably make it dangerously thin. If you try it, be sure to check the inside diameter of the hub to see how much thickness would remain. Remember that you're betting your life, as well as everyone else's on the road around you, on the decision you make- - - -unless the rig is going to be trailer queen that never gets to be a hazard to the motoring public in general. Why not bore the hole in the wheel to fit the hub? What do you intend to do about the brake drum, which shares the same centering flange as the wheel?
Jerry