Nothing at all wrong with that approach, others have tried and some succeed.

You may need to upgrade from the old 1/2" wheel studs to the now common 9/16" wheel studs. See if the new nuts fit the old wheels though?

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-