when I bought my weld wheels they came with holes for 5/8 stud's and you had to use a lug nut with a shank that fits the wheel for alignment when using a 1/2 stud,, 11/16 hole should be god's plenty of clearance to fit a 5/8 stud, if you are using a standard drill bit,then it is walking around and making the hole oblong and probably won't be on center, need to find a 4 flute core drill that has a flute at every 45 degrees for more support, it's hard to make an accurate hole size with only two points of contact and nothing to keep it supported between them when you have a starting hole that big.