1/2" x 20 wheel studs, 5/8" drilled wheels.

I am upgrading my axles to 5x4 bolt pattern with 1/2" x20 wheel studs. I just purchased some second hand wheels, the rears have been run with 5/8 studs with an 11/16 shoulder.

Will it be safe for me to use open end shanked 1/2" lugnuts, with shank diameter of .6875"? I know the shank portion can not bottom out before the nut onto the washer. Will I need to have centric rings for the hub?