The short answer is it should be ok.
From other threads, the concensus is that you should get at least 6 full turns of the lug nut. With 5mm spacers on my car, I get 6 1/2 turns on the rear, and 7 turns on the front. You should try it on your own setup, because your combination of wheels, spacers, and car may give a different number of turns than mine.
That said, it still better to change out the wheel studs. I opted not to, because my car is rarely driven hard, and I may not have these particular wheels on there that long.