Greg, would I be correct in assuming, as I have always done, that the inner wheel and outer hub surface plays a significant role in the amount of shear applied to the wheel studs. I have always gone the extra little bit to machine these surfaces to an nice even finish. I started this procedure in the early 1960's when I was racing a Austin-Healy Sprite that would, on occasion, rip the center out of the wheels. Very disconcerting at speed. Even the slightest failure to re torque the wheels after a run would result in failure. However, never lost a stud!
On subsequent race cars, bigger, heavier, more powerful, an improperly tightened wheel would end up pulling over the nuts but, never breaking a stud. I have broken studs, for sure, but only from over torquing them.
I'm not convinced about the "spreading the shear" theory, as the Roger Penske Trans Am team of AMC Javalins used only FOUR studs---At least until the SCCA made them go back to five. They never had a failure.
Rod