Plenty of people have done similar things, but a few point need watching.
The hardest thing about this job would maintaining the original hole PCD, unless a very good jig was made, modern 100mm PCD wheels are sometimes put on old 4" hubs, and the studs have been known to fail due to the 1.6mm miss-match, which the fitter probably hadn't noticed at all.
I once had an early Weller steel wheel come off when driving down the road, (fast, V8 LR) I had forgotten to re-tighten them after a few miles, this was necessary because those wheels where not pressed, just flat steel centers with counter sunk holes.
OEM pressed wheels have the holes raised and then the counter sink is formed at the same time, the counter sink does not contact the hub behind, there is a small gap, this acts as a spring washer and should eliminate the need for re-tightening. Care must be taken to maintain this feature
EDIT just noticed Stormin already covered the jig thing