TIME OUT:
The hub centric wheel spacers fit just fine - I'd show you pictures, but my spacers on my son's '99 4x2 Ranger as I have my '94 Cobra rims on that truck at moment. On '98+ Ranger, the spacer only fits tight on the face of the hub & the ~1/4" of the hub. The idea being, the load is on the hub, not the threads of the studs. When you install the hub, it shouldn't have any movement after you push it on, but before you install the lug nuts. It does not fit tight the entire surface of the locking hub.
And the difference between 70.5mm and 70.6mm is a quick wipe with some fine sandpaper. Manufacturing tolerances are probably greater than that 0.1mm (these aren't aerospace parts).
On other hand, I agree PVH hubs are annoying.
IMNSHO, spacers have their place when installing wheels like dually rims on front of F-350. The offset of the rim (125mm) is matched by the 5" (127mm) of the wheel spacer. The result is the center of the contact patch of the wheel is exactly where the engineer at Ford designed it to be when he set the king pin inclination axis. (it is known as scrub radius)
For the Cobra rims (negative 40mm offset) on my Ranger (6mm designed offset), 35mm spacers achieve that contact patch location (well within 1mm, which is close enough for the girl I go with). You can tell it is correct as when I dry steer (steer without truck moving), the wheel just twists, it doesn't roll forwards or backwards.
Using spacers to fit larger tires is what gets people into trouble*. When you push the wheel out, there is more load on bearing, so it wears faster. It also causes the wheel to "roll" forwards/backwards when you steer - the result being it makes contact with sheetmetal. And because you are rolling the wheel fore/aft, it takes more force, making it hard on steering rack - which can get dangerous should you have a flat as the truck will suddenly pull to that side.
*You will note that as you increase tire size, you need to move the tire out to maintain the correct scrub radius i.e. later Ford 4wd rims have 12mm offset, to match the 265/70R16's greater diameter. But Ford engineers only moved offset out 6mm when they when from 235/75R15 (29" tire) to the 265/70R16 (31" tire), so one would only want 18mm offset for 33x12.5R15s.
How deep is your pocket book? Replacing the unit bearing with alternate is a $4k touch. If you've got the coin, we can talk.