Can we talk about "center bore" for a minute?

How often do you guys run into the problem with center bore fitment?
How do you know if a wheel with too small of a center bore can be safely machined without significantly compromising the structure of the wheel?
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I had the end of the hub turned down. I figured, at the time, it was easier to do (brake lathe) at the time and only have to do the fronts and i felt better about it than ruining the wheels. Rears on on a 1" bolt on spacer.