emjay
+1y
It has been done several times, but you have to be absolutely certain that the machinist that you chose to use is really damn good. The holes have to be drilled in a very specific pattern and have to be far enough away from the old holes as to not cause a stress fracture anywhere. I've seen em done where they were done right and lasted longer than the vehicle itself, and I've seen em done where the hubs were split and on the side of the road.
It is my preference to find a good set of 6 lug wheels, there are plenty out there that can fit onto the Bs that only require you to grind down the tabs on the hubs and the drums. If done properly (IE not allowed to get too hot) there will be no permanent damage. My preferred method is a diamond cut-off wheel on an angle grinder, taking breaks when it starts to glow a little bit, then finishing it off with a regular grinding wheel.
Whatever you do, DO NOT REDRILL WHEELS. This is by far one of the dumbest things anyone can do. It is a fact that if you lose a (drilled) wheel and cause an accident, your insurance WILL NOT cover ANY of the costs. IE, you will be responsible for ALL of the financial costs, including hospital bills, new car, rental, deductible for the other guy, etc etc etc. Do NOT let any machinist tell you that they have done it before and there's nothing wrong with the process. All it takes is a micro fracture (only visible by x-ray) to create a weakness that causes failure.