not enough meet on them beef to redrill

you can do the 5 onto 4 as it just means offsetting the holes a bit, but i don't think there is enough meat on them to get the full 120 out

you would also need to consider the discs you'd be putting over the top as if you use a larger flange you will need appropriate discs to go over the top of them, meaning not being able to use your normal off the shelf ford stuff