I think that would put a lot of stress on the lug studs having the weight cantilevered 2" past the engineered shear point.
Is the peak stress in the studs different in each case, or identical? Probably doesn't matter if long studs can't be bought, eh?
Nothing's holding the wheel/spacer to the hub except the hub's studs in either case. The wheel is cantilevered from the hub surface the same distance, by the spacer, regardless of whether there are one set of studs (hub-to-wheel) or two sets (hub-to-spacer and spacer-to-wheel).
Offhand, my
kneejerk is the peak stress in the studs is the same in either case, occurring at the face of the hub.
I'm not new to determining, e.g., shear and bending moments, and I've studied strength of materials, but that was a long time ago and not something I do often, so... could be wrong.