One side is (semi) finished. I have the caliper installed and I mounted a wheel to see if I had any interference with the caliper. None. It turns smooth all the way around. This is with custom 1 piece wheels using the stock centers, however.
FWIW, I think the trick with the studs is to press them in partially and then mount them on a wheel and tighten the nut to draw them in square. Mine were a little off. I managed to get the wheel on with a BFH. Once I tightened all the lug nuts, the wheel came off without a problem. Doing that must have seated the studs in place correctly.