yes it would work but u can also "polish" the inner circumfrance so that it bares the alloy down sliightly making the diametre 38 rather than 37
use a wire brush in a drill easiest way for ya.
simple
and a cm is nothing it is only mere 5 mm either side
hope this helps.
oh and he spacers would waork but what u basically are doing is minusing the ccentre bire by pushing the wheel past this so will require spaces at eh same depth of this which is approx 10mm. a cm.
up to around 20mm and thus also shortening the nuts length so then in turn may ned to put bigger threads on. thus the opening of the centre bore being the easiest and SAFEST to do
wayne