Dick makes an interesting point. The placement of the studs, the taper on the nut, the accuracy of the stamped steel wheel are all potentially ripe for some degree of inaccuracy. Then, what value is there in a hub-centric wheel? In a perfect world, yea, an aluminum wheel hub-centric to precision studs and bolts is all well and good. But, you better have the tire trued too. And, even there, regardless of balance on the rim a tire that has more weight to any area will elongate the faster it spins.
All this said, I think the hub issue most are encountering with current 4.25" wheels (Escort, Cougar etc.) is the center hole is too small for the hub on the Pinto - even putting the offset issue aside. I tried the Cougar wheel on a Bobcat and couldn't get it over the hub. I'd be careful to trust some of the wheel charts out there. Most only consider the bolt pattern and not hub hole size or offset. FWIW, I put the 16" factory '88 T/C wheels on my Pinto (for a while). I had to space them off the rear spring about 1/4" and they rubbed on the front fender somewhat with the 225-60-16" tires. Not ideal. And, I thought they looked out of place too. See...