wheel spacer question

Adapters are perfectly safe as long as the material they're made out of is strong and thick enough to support the studs they carry.

They have to be torqued at regular intervals, just like aluminum wheels. If they are not the can loosen (just like aluminum wheels), and that failure is 100% the fault of the person not maintaining their vehicle properly.
Back in 69, I was 18 and bought a new 69 Barracuda Formula S 340 4 speed. Nobody was making decent wheels for 5x4, so I got a set of American Racing Torque Thrusts with adapters. It looked amazing. Back then I knew nothing about adapters. I kind of doubt that they had billet adapters back then. My RF wheel almost fell off. Luckily, I was on a city street. It was wobbling really bad. It turned out to be a cast metal adapter; don't know the metal type. Nobody told me to retorque them. I will agree with you that a billet adapter would probably be perfectly safe.