Typically I think they'd work OK, but one area you could run into trouble with is if you've got large wheel studs. The holes being off a little could be an issue if the studs are a tight fit.
Personally, I'd just go for a 5x4.75 wheel, the selection available is much greater than in a 5x120, anyway. I've had the opposite problem with my 06 GTO as it has 5x120, combined with odd (at least compared with a BMW offsets) and a bit of an oddball hub size. Wheels that will fit the car off the shelf are few and far between, other than a few that are made down under like the car. I know people that have run 5x4.75 wheels on GTOs, but I don't think I would other than for something like a drag wheel.
Wheels are too much of a safety issue to screw around with IMO, but then I'm hardly a wheel expert to be honest.
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