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Nothing wrong with using good hubcentrics and a set of arp studs (yes they make wheel studs).
Not really the right way of doing it, but hell i've seen some pretty crazy cars out there using them.
I'll be picking up a set of 5mm for my car to just push the wheels a bit more flush with the fenders but those aren't a big deal.
I think if it were me I'd go for some quality bolt on spacers, as long as they were hubcentric. Heard of plenty of higher horsepower cars using spacers.