So I decided to give this mod a try. Bought a set of Raybestos 6004R from finditparts.com for $41.85 a piece plus only $21 shipping. Seemed pretty reasonable. They also had the inner seals for $9.33 a piece.
Got them back from the machine shop today. I had them machined down to 11.09" from the original 11.29", also had the inner race machined in .270" and it fits perfectly in the middle of the calipers. The only thing I had to do to the splash shield was take a dremel to the inside hole as it was about a 1/16" too small to let the rotor seat all the way. I will need to grind a bit on the rotor as the calipers rub a bit on the inside of the rotor between the brake surface and the hub area. Nothing a bit of grinding won't take care of. I'll take some pictures and post them up later.
All in all I'm pretty happy with this setup.