No, it's simple...Use a 5 x 5.5 to 5 x 5.5 spacer. It does two things:
1. Moves the wheels out where they look good, and
2. Removes the need to machine the centerbore.

I've got a set of the chrome 16s on my $500 ford pickup and they look pretty good. You can get four spacers for around $100.

Don't do it if you regularly overload the truck. I use my truck for getting places. The most it carries is a 700lb engine.

R.