Lug nut hole cover idea for universal-fit wheels

[91-GS]

After looking at some designs and opinions about universal-fit wheels i thought about something like this to cover up the unnesessary holes in the wheel:

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The cover plate (red) is held in place using same lugnuts (light gray) as for the wheel (dark gray). Not sure here, lugnuts have different design, but from what i've seen the cone part on them does not go completly into the wheel. Anyway, the hole in the cover plate is slightly larger than the hole in the wheel and is held against the lugnuts using some rubber o-rings (light blue). Went with this instead of it being bolted up directly to the wheel since am concearned that the cover might get in the way of the wheel being mounted correctly. Also the o-rings provide constant pressure on the cover, keeping it from moving around. Originally though of material for covers being aluminum, but it is also possible to make them out of carbon fiber for those who like the 'fiber look.

Have looked here on forums, but am not able to find anything like that. Please let me know if i missed something.