Anybody redrill mag/ aluminum wheels--pattern?

I occasionally see stuff like Ansen-style sprint mags, etc, in GM pattern, that seem to be going to waste (craigslist.) I've got a Jet mill/ drill and a lathe and was thinking of trying to re-drill them for Mopar 4 1/2, then make a decorative ring to cover up the change.

For me the problem would be an accurate index. I 'spose a fixture referencing on the wheel center hole would be the deal. Maybe figure a way to divide/ scribe the outer rim of the wheel, it's large diameter then offering the most rotational accuracy for index.

I also have more and more reservations about some ET unilugs I've picked up and have been thinking of "doin" them, as well

Anybody ever experimented with this approach? Ideas?

Answers like "just buy new wheels" will not be appreciated.