I've looked at it before as well have others, there may be an old thread about them.

In my research (even made up an auto-cad drawing to see how it might work)there just wasn't enough room to make it all work without seriously offseting the wheel for the thickness of the spacer.
It works on 8 lug pickups because the 8 lug pattern fits well inside the big 10 lug wheel center. Not so with our 10 lugs on 7.25" pattern.

No reason you can't look at it again, you may come up with a workable solution that suits you.

Grigg

•1951 GMC 250 in the Project Journals
•1948 Chevrolet 6400 - Detroit Diesel 4-53T - Roadranger 10 speed overdrive - 4 wheel disc brakes
•1952 Chevrolet 3800 pickup
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"First, get a clear notion of what you desire to accomplish, and then in all probability you will succeed in doing it..." -Henry Maudslay-