Machining hub from et35 to 40mm

[JAYTRES at aol.com]

Hello List-    I have acquired a set of ATP S5 16x7 wheels with 205/55/16 
tires on them. The ET is 35mm and the two rear tirs are hitting the fender as 
i had thought they would. I am thinking about maching the hub down some 5MM 
to gain me some room near the fender. 
Has anybody done this or have thoughts on it? 
There is enough hub, so that after the machining it would still be the same 
thickness as the original wheels.

Any ideas or thoughts would be appreciated,
Jay Desmarais -1990 200TQ