It's a common misconception that it is the lug nuts that holds the wheels onto axle hub. In fact it is the friction between the two mounting surfaces that do the job; the lug nuts and studs just create that friction.
Doing what you described above would most certainly result in sheared studs, because you are no longer mating the surface of the wheel and the hub together.
'96 GT (resurrected from a yard)
Eibach pro kit, KYB's, SFC's, CC plates, ORX, tubular RCA's (crap), aluminum rack bushings, cross drilled/slotted rotors, 255/45ZR17 Kuhmo's
'98 GT ragtop
CAI, UDP's, PP upper plenum, BAMA tune