Larry,
Do your aftermarket Wilwood calipers use a caliper mounting adapter? If so you could modify that to move the calipers toward the spindle centerline.
Personally I would not run with the pad/rotor scenario you suggest, the pads will ridge, probably round over the edge of the rotor and at worst dig in and lock up a wheel.
I understand 'thrifty' but all this faffing around and you could have bought a decent set of rotors and hats by now a couple times over. When you already have aftermarket calipers & wheels why keep beating yourself over the head?
Julian
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