Yes, but he has drums so it's not a 5 ft-lb over torque, it's a 15 ft-lb over torque because the spec for those is 55 ft/lbs. And really even that isn't crazy, but on a 50+ year old lug stud that's been over torqued who knows how many times it could have been more than enough. Since this is the LH stud side of the car it could have been absolutely hammered only god knows how many times by clueless techs or previous owners. This just finished it off.
And yes, a wheel center that's moved out 1" does put more loading on the front suspension. But that's the same whether it's done with a spacer or with a wheel that has an offset that accomplishes the same thing. I don't know what wheels the OP is running, but just as an example if you've got a 17x7 with a 5" backspace and a 1" spacer, or a 17x7 with a 4" backspace and no spacer, the load on the studs is the same.