I assume that you're wanting to go from 5 on 5.5" to 5 on 4.5". If that's the case, then so long as there's no interference, then I don't see any problem. Most people run into problems when they want to go the other way as the studs will wind up too close to the edges of the flange.
Anyone with a good hand, or a decend drill press should be able to do it for you using a wheel stud template and a good bit...