I made my covers out of a flat piece of fiberglass shower enclosure. I cut holes for the valve stems. On my wheels it turned out that the top of the ridge was in plane with the inside of the lip of the wheel, so flat stock fit perfectly.
I didn't use any locktight to hold the screws in, I just tightened them up with a screwdriver. No issues with balancing. The screws are so close to the center of the wheel that a slight difference in location doesn't matter. Just make sure that all the screws are the same length.
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