I wouldn't do it with stock factory wheels unless you have wheels originally intended to be used with the 5/8" studs.

Most factory wheels have a raised area around the stud hole that the lug nut tapper sits against. If you drill out the 1/2" stud hole to a 5/8" stud hole, you will be removing most of that raised area. Even if you countersink a new tapper onto the wheel, you will still only be relying on the wheel thickness to seat the lug against instead of the original raised area with the lug tapper. I don't believe the lugs will have enough wheel thickness to bite against without first bottoming onto on the stud threads or the stud shank. The lug nuts may feel tight, and may even torque properly, but they may not have enough contact with the wheel to hold it firmly.

Related story. Years ago we were running in a hobby class at our local oval track. Most of the guys were running the standard 1/2" factory studs with few issues. Some of the late model guys insisted we needed to have 5/8" studs, so we had to comply. Most of us drilled the 1/2" stuff out to install the 5/8" stuff. For the next few weeks our class had a huge issue with loosing tires during the races. The fix was it buy wheels made to accommodate the 5/8" studs, then the problem went away. Gene