Question about mounting wheels

I have a 92 F-150 that has a 5X5.5 bolt pattern. Right now its got the factory 15" wheels on it, and while it looks good, ive been sitting here contemplating how Gen II Lightning rims would look. Unfortunatly i can only find them in the newer bolt pattern. I have found trucks with this done though, so i know its possible. Asking on f150 forums they say to drill out the holes to 11/16 and use acorn nuts. Im not sure drilling out the wheels is the safest thing though... So question:

A)Is this safe or retarded?

B) If not, alternatives. How hard would it be to convert my truck to the newer bolt pattern? Is that even possible? Or would it be possible to get the wheels modified?

The look im going for-except mines a Flareside.

Drilling out and using larger nuts is not the most elegan solution, but it will work. It's much better if the wheels can be made to be hubcentric possibly by using rings. The correct way to make it work is to redrill the wheels and press in a steel insert on the correct bolt circle. Most place can't do it and the ones tha do will charge a lot for it. I'm not sure the steps necessary to change the bolt pattern on your truck, but I would imagine it involves a combination of old and new parts and is possible.