My Henry J came with a shortened 12 bolt that came out of a big block Vega which I want to use because its fresh and already has ladder bars and drag shocks. The only large rims I have that are big enough for the 32x14 slicks I plan to use are offset the wrong way, as I had planned to use them on my tubbed 70 Cuda with stock width 8.75 rear. However when I turn them around they fit perfect. The back side is not as smooth and pretty, and the nut side of the bolts show, but I'm not too worried about that, I'll probably paint that side black or something. The face that contacts the brake drum looks the same on both sides. The more I can use of what I already have, the more funds will be freed up for important stuff.
those wheels were designed to be taken apart and reconfigured as needed by the owner. you can't just flip the center but you could remove each bolt and turn it around. (i would suggest one at a time, after you find out torque specs) so that they appear as intended. you could also invest in several wheels of different widths and backspacing and then you could build any wheel you need ,now and in the future. a word of caution: the cores in those wheels must be installed correctly or you could have problems.
They're 2 piece, but like a split rim, not a rim and a center. I would likely turn the bolts around one at a time as you said. The side that was meant to face out has a nice satin finish and the other side is rough, but could be smoothed I guess with a flapperwheel and then painted or anodized.
There's a guy around here that did just exactly what you are wanting to do (even the black paint). He did nothing besides turn them around. They are on a very healthy pro street type car. He's been running them that way for quite a while. He has chrome lugs and the look pretty mean painted black. Kevin Ooltewah Speed Shop
you could just drill another hole, insert valve stem and leave the other valves stem in place, providing it doesn't provide a clearance issue.