the main problem with the mk3/4/5 (and i'm assuming mk5 is the same but i havent examined one closely) is they have a recess in the hub exactly where the redrilled hole would ideally sit
as a side issue the mk3 hubs are different to the mk4 ones - different bearings
what ive done here is cut a piece of paper to the same pcd as the wheel studs 12mm to show where the hole will land
112 x 5 mercedes/granada PCD
120 x 5 BMW/JAG PCD
OK so its not perfectly accurate but gives a good enough idea
My conclusion is the BMW is ok so if you wanna fit alloys go for BMW the mercedes ones is touching too small - i wouldnt go any smaller
if you think about what could go wrong, theres no chance the stud will pull through what would go wrong would be the thin wall crack and the stud come out that way but it's connected at the other side and the entire piece if cracked would have to move -but i dont think there is sufficient force for it to do that, end of the day it's up to you
this is just a rough guide - personally i'd inspect them again to see if they still look ok


