[Bob]

From the rule book:
The thread engagement on all wheel studs to the lug nut, or lug bolts to
wheel hubs, must be equivalent to or greater than the diameter of
the stud/bolt. Length of the stud/bolt does not determine
permissibility. (Example: A 7/16-inch stud must be thoroughly
engaged through the threads in the hex portion of the lug a
minimum of 7/16-inch.)
Wheel spacer permitted. Spacer to be either hub-centric or lug-centric
and must fit with minimal clearance to retain concentricity. The wheel
spacer must not reduce the minimum permitted thread engagement
below the limits established by fastener diameter.

Although it's legal, as others pointed out, it may not be safe. The correct offset weels would be better.