I'm hoping the spacer experts will weigh in here, but until they do, my understanding is that the spacer material is vitally important. If the aluminum is not the proper hardness, or if the spacer itself is dimensionally out of tolerance, then the spacer can deform and lead to problems, from having to constantly check and re-torque your lugs, to complete loss of a wheel.
I know from my days in the world of aviation that all aluminum is not created equally. I would imagine that if you place a hunk of metal between the wheel and hub, it had better be tough stuff.
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