I am running later f100 16 " rims, what I have done is installed cast drums and new studs, on the rear I machined the drum and hub so they were flat to the diameter of the inner hole of the wheel, the rears now sit flat with plenty of stud. I would have done the same on the front but it would have cut through the drum as the step is on both sides of the drum. If I used AR drums and hubs it could be done on the front, so I made 2 spacers, old steel drums can be machined to make good spaces if you have some. You will still have very little stud to protruding, so for the front I machined the nuts to go through the rim a bit like they do on mag wheels, I had to enlarge the hole in the wheels a small amount but I am now confidant my wheels will not crack or fall of, If I wish to go back to original wheels I will make spacers to suit.
Regards
Brendan