Been done thousands of times and is fine when done right. We have done hundreds of Ford 9 inch because the pickup rear ends are easy to find but have the 5.5" bolt pattern. First spot face the back side of the flange so new lugs are on a flat surface and often (usually) have to turn the center pilot down to fit car wheels. We can index the flange so press in studs work but accurate lug holes are not necessary as long as the wheels are a tight fit on the pilot. The lug nuts do nothing as far as centering or alignment and only hold the wheel to the flange IF the pilot is correct. Of course it is better if both pilot and lugs are in sync but I have seen lugs in way oversize holes in the flange where the lug nuts were run up tight in the wheel to align the lug bolt and then the head welded to the flange (good luck replacing one). On the S10 frame swaps we do we can build a rear end to fit but use STEEL adapters on the front. The adapters or spacers, since an S10 already has a 4.75 lug pattern, are 2.25 inches thick so there is plenty of room for a full size lug nut. Some just use a long lug bolt that passes through the holes in the spacer but I like to use bolt on spacers with studs for the wheel and a center pilot. The stud has 2.25 inches of steel to screw into and the thermo expansion and contraction of the adapter is the same as the hub/drum---not so with aluminum ones. As far as suspension load with the outboard extended wheel position it is a non factor in a no load or lightly loaded truck. The truck was designed with suspension to operate with a maximum load so there is no more strain on one with spacers than one with a big block engine/trans setting at the front of the bed. On an S10 at least there is no tire scrub when steering is turned against the lock in either direction which is more than can said about the GM designed 73-79 pickups. Do a search for Moser Engineering in Portland, IN; they re-drill flanges/hubs/ drums/ rotors for a very reasonable price.
