Like he said, ONLY A LATHE.
I see them all the time torch-cut.
After being torch-cut, there is no true center for future balancing purposes.
Also, unless you are a real **** with a torch, and clean up your mess with plenty of grinding, there are going to be stress cracks start running from the lug-holes to the torched hole.
That being said, I have four old Chevy wheels that I myself torched to fit over the hubs of one of my trailers in 1994 = the year I built the trailer.
I cleaned these up real good with a grinder and primed/painted.
I have ran them problem free ever since 1994 with un-telling how many hundreds of thousands of miles loaded heavy with cattle.
Even at that, I DO NOT RECOMMEND the practice.