Peter,
Porsche used spacers on the early 911 and 930 Turbos to fill out the widebody fenders. Obviously, Porsche knows what they're doing, from an engineering standpoint. They didn't want to use wider wheels and tires because they wanted the cars to be good in wet conditions. They did use tightly hubcentric spacers and stronger 14mm lug bolts. If you're going to use spacers, upgrading to 1/2"-20 wheel studs is probably a good idea.
That being said, when you consider the cost of upgrading to larger wheel studs and having custom spacers made, that pair of repro 10" Campagnolos won't seem so expensive.
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