Interesting thread indeed. Being a mechanical engineer by training, I am somewhat puzzled by the concept of centering the wheel on the torque studs. These have not (at least not on my car) got the conical shape required to center the wheel. On regular bolt on wheels, the wheel bolts all have conical seats that centers the wheel by forcing it into the position it needs to be. The surface that serves this purpose on the knock on wheels is the large conical surface of the center bolt. However, I can see that you might "run out of tolerance" if the torque studs force are all slightly misplaced or bent. I that case they could force the wheel into a position where the conical surface of the center nut no longer is able to draw it back to the center when torqued up. This could be the result of either damage or poor craftmanship on manufacturing. I would not have solved this by reaming out the holes, as that would enable play to occur between the torque studs and the guide holes in the wheel, but rather by replacing a bad hub.
Anyway, I was suffering from imbalance (on a rather grand scale) with my steel wheels and decided to take them to a specialist wheel repair shop. They had to straighten all of them, and one of them had damage to the center dish inside the rim, which made it irrepearable (that one became demoted to spare - luckily I had four that were repairable (the spare got promoted). Now the imbalance is gone (at least up to 70mph, which is as fast as I let her run for just short tests right now, as I am running in a rebuilt engine). I suppose this is an adverse consequence of the combination of skinny, weight saving steel wheels and owners using the cars as they were intended and beyond.
take care, and have a vibration free Christmas