No. The wheel centerline will still be shifted in relation to the bearings. There's also potential issues with the tires rubbing the draglink due to the changed backspace, as well as the scrub radius being altered. Best would be to use wheels for the application of the chassis you're using.
As far as covering the tires, have you considered using 1.5 or 2 ton front fenders with a wider rear fender? I have seen guys do this on other trucks, and it looks pretty cool. Something you might consider.
