OP - no reason not to machine out the hub bore of the spacers to fit the mk1 hubs. The bore needs to be 57.1mm. Don't forget about the chamfer.
Also, no real reason not to try out your stockies - heck, its all a lot of fun anyway (right guys?)
Personally, i would steer away from using spacers if you can manage it because it just gets complicated with longer bolts and legalities. I do think that you'de be far less likely to be picked up for having stockies with spacers than big wide wheels though, since stockeis are 5.5" wide and massive offset anyway.
'07 Touareg V6 TDI with air suspension
'98 Mk3 Cabriolet 2.0 8V
'99 A4 Quattro 1.8T
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