I am in the process of doing this for my Model A wheels to my Model T hubs. I went a different way. I purchased some 5x4.5" to 5x5.5" wheel adapters off Ebay. They are 1.5" thick. They had 1/2" threaded studs. I bought them for approximately $65 for a set of 4.
This is obviously not a bolt on deal. I have a spare spindle setup in a vice pointing upwards. Put on your bearings and hub you wish to use and tighten down. Now set the adapter on and using a dial indicator, center it up on the outside of the adapter. These are machined adapters, so you can get them to run true. The trick is finding where you can also drill the new 5 bolt pattern to bolt the adapter down. I can tell you you will have to elongate one original T hub bolt hole toward the center. The others will be fresh drilled.
Once you get the adapter where you want and centered, clamp it down real good with two C-clamps. Check to make sure nothing moved. Once everything is set, drill from the back side of the T hub, into the adapter for either a 3/16" or 1/4" roll pin, 1" in length (I think you can go 1.25" if you want a little longer). Drill two holes approximately 180 degrees apart from each other. I say approximately, because should the adapter come off the hub, it will be easy to reassemble in the right spot and still be true with the pins slightly offset. Insert your two roll pins, hammer flush with the back of the T hub.
Once that is done , use a transfer punch to mark your 4 new holes in the hub. I had to make a busing sleeve for one of my punches to get it to sit in the hole of the adapter. Drill the punch marks to 1/8" all the way through, then step up a couple sizes until they are drilled for 1/2. As mentioned, grind the one T hub bolt hole to match where the hole needs to be in the adapter. Insert some grade 8 bolts 1/2" x 20 x 1.5" long into the backside of the T hubs, put on the lug nuts and torque doun to 75-80 Ft Lbs. That's it.
To do the rear hubs, I use an old axle in the vice, taper pointed up. Grease the taper so you can spin the hub easily to center your adapter. The rest is the same as the fronts.
I have done this before for my Model T Doodle bug which I drive on the road and work hard and they have not failed yet and been that way for close to 5 years, staying outside in the elements.