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it wont need to be perfectly central as it will balance out with weight

no different to running rims with chunks missing or weighty valve caps

being done in a lathe wont garrentee being central its only as good as the tool setter

Ah but I would suggest you are wrong there, it DOES need to be perfectly (to a tollerence) central to the bolt holes.

Yes it will balance out but if the center hole is not centered amongst the bolt holes then the axis on which the wheel spins will be different on the balancing machine compared to on the car.

As for the lathe thing I would suggest not. if you get a 4 jaw chuck where the jaws move evenly off one key then you could clamp it, possible even a 3 jaw chuck opening outwards onto the center bore of the wheel (if that makes sense).

Even with a chuck that moves individually it's still far easier to center perfectly compared to a hand drill (a pillar drill would obviously be better) as on a lathe you can spin it up and check the run out then adjust.

If you find they won't balance without large weights, turn them around and balance them backwards directly on the centre bore. Just be aware that every measurement is the complete opposite.
I have 2 sets of clones drilled/machined as there's nobody to do them within a 100 miles.
The machined ones are considerably easier to balance than the drilled ones (mill/drill with holesaw)
With decent caps fitted you can't tell the difference