I don't think that would work. Even if you opened up the ceter register on the wheel to clear the hub, there wouldn't be enough metal left to give any strength to the wheel between the hub and the lugs. This is the reason why the Warn hub kit for the 5 on 4 1/2" Jeeps uses the weenie Exploder style lockouts.
Here is a 5 on 5 1/2" BP wheel for comparison- it is the Ford and Dodge style with the smaller center register, not the Jeep/International/'Zuk style. There just isn't enough meat there-
G-man- is there any reason you need to stay 5 on 4 1/2? I would be easier and cheaper in the long run to just upgrade to the bigger bolt pattern, unless you have a certain wheel you just have to
run because you like it.