Lug nuts

I have a 2001 Ranger. Got some 2005 Mustang 10 spoke alloy rims at a good price to replace the prone to rust leaking 7 spoke steel wheels. Put on some 2" spacers to bring out the off-set of the mustang rims. The stock tapered Ranger lugs only seem to use about an 1" of the bolt, and there is still about 3 /4" left of the lug nut open and unused. I thought this would be an easy fix, I got some 1 /2" shouldered chrome mag wheel lugs. I figured the shoulder would fit inside these thick lug bolt holes of the wheels and give me a better hold on the wheel. Problem, the mag bolt shoulders have a slightly larger O.D. than the I.D. of the bolt holes of the wheel ? Go figure. Does anyone know, would it be as simple as drilling out the lug holes ? Any knowledge or help would be greatly appreciated. Charlie