The bolts are under near-zero shear load when bolts are installed properly. The load is transferred via friction of the clamped joint. The Cf of a tire to the road surface is much lower than the Cf of a spacer, hub or wheel when a bolt is installed properly. In any given situation a wheel will lose grip on the road surface before the clamp loses grip if the bolts are torqued properly. The length of a given bolt does not change these physics appreciably in the realm of a car (no one is doing 24" long studs or bolts).
The two ways to install a bolt improperly and cause failure: not tight enough, or too tight (beyond elastic limit).
You could have a 99mm bolt and the physics will be the same, the bolts are under elastic stress only, not shear stress (when installed properly).
But don't make spacers, they're cheap enough to buy I think and cheap spacers already have wobble issues, some nice H&R ones will serve you well.
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