Sorry, took a Texan trip last week.
Seems like the easiest fix is to get rid of the spacers by machining up some low offset hub caps so that it works with your wheel combination. Or ditch the stock bearing caps, and apply a thin bead of silicone when you mount the wheel. The wheel (with the wheel cap) will sufficiently seal the dust out. You can either then drill a square hole (drill and file square) into the wheel cap for the speedo drive, or make up something that can be glued to the inside of the wheel cap so the speedo cable does not protude through the cap.
Changing the brakes seems like alot of work (and money) for a clearance issue.
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