I realize that the ring does not center the studs, but they don't need to be centered. And if you hold a wheel (tough with a contour wheel/tire package around 50lbs) up while you do it, so the weight on the nuts is very small, then yes, you can get it centered. Sorry I was rough, nothing personal. You just stated some things that had already been covered. So I believe that you could (say, on a Miata) get wheels centered without rings, if you were very careful, but he is bringing his to a shop to get them done. They are going to throw the wheel on, let it rest on the studs, and crank it down with an air wrench. I use rings on my car, so maybe I'll do an experiment. I usually put on the wheel, and incrementally tighten with a tq wrench, but maybe I'll try to get them misaligned if I skip the rings. Here is my guess as to what will happen:
With rings: There will be nothing I can do to screw it up. The ring does the job of holding the wheel up.
Without rings, being careful: They should be fine. If I use my standard procedure and hold up the wheel, I imagine there will be no imbalance, like you say.
Without rings, tire-chain style: I won't air-wrench them on, b/c I'm not an idiot. I like my rotors straight. What I will do is not hold the wheel, and see if the nuts will center it. I think they won't, even if torqued evenly and properly.
Give me a few weeks, I'll get around to it.