Lambo nut
Banned
I have a set of wheels that's dual drilled for 4x114 & 5x114. They look exactly like your diagram. These are wheels from a reputable company who wouldn't do it if they thought it was unsafe.
And this is because as noted in a previous post, once the rotor is clamped between the wheel and hub, the holes in the rotor are doing nothing. Once the rotor is centered on the hub and the wheel properly attached, the rotor is not going to rotate and put any force on the sided of the studs between the wheel and the hub. If it were to move, you've got a big problem, or likely just loose nuts.
Kevin
Heck, that was half the fun!
Please, do it on a mill and indicate off the hub bore. Don't forget to chamfer both sides. 