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[C2K]

it wont need to be perfectly central as it will balance out with weight

no different to running rims with chunks missing or weighty valve caps

being done in a lathe wont garrentee being central its only as good as the tool setter

If you used a 3 jaw chuck and tailstock (or even a 4 jaw chuck and a DTI) so you'd be hard pushed to be non-concentric unless the lathe was piss-poorly maintained.  Chances are it would be done on a vertical borer anyway by your local machining shop, not to mention any machinist worth his salt would be clocking the job before cutting.

I don't have a problem with taking the centres out but it's such a heath robinson way to do it with a holesaw.  Yes, the out of balance is at a low effective radius and will be easily counteracted by the addition of a weight at the rim with it's larger effective radius but for me, the surface finish of a holesaw versus a drill/reamer/endmill or a single point tool tip would be  . It is unlikely to affect anything structurally, and thus will have no safety implications but there is a reason people don't use a saw in metalwork for much other than preparing material lol.

I had cyclones for 9 years and never had an issue with wheel balancing so don't get the need for this myself, and was forced to use a couple of places other than my local tyre man in Peterborough too. I also rather liked the design of the wheel with no centre cap, much as Tom has suggested. Not a fan of the end product myself but each to his own! 

Edit: Forgot to mention Stef's point, my local place had a dedicated machine for centreless wheels too, I suppose this made life much easier.