‘71 340 Duster Front Drum to Disk with Factory 14” Rallye Wheels - Problems

If the calipers are making contact with the wheels, try a pair of these:
Set of 4 | 3mm Hubcentric Wheel Spacers | 5x100 w/ 57.1mm Hub bore | Flat | eBay
Generally not a fan of wheel spacers, but at only 1/8" thick it's more of a shim than a spacer- you won't need longer studs, and should be plenty to gain the necessary clearance without having a major effect on clearances elsewhere.
Just to confirm what thickness will be sufficient, put washers on the wheel studs until the wheel spins freely, that is the thickness spacer you will need to order. DON'T drive it like this, it's just for sizing purposes!