You could give it a go but assuming 0.5" wider bolt spacing (0.25" closer to edge) the bolt threads would be extremely close to the out edge of the flywheel (like 1.2mm at absolute most). The bolts would have to have relatively small heads (e.g. cap head) and the starter would probably need to be one without a pinion support (many high torque starters are like this) so the overhanging cover plate doesn't hit it. You could of course machine the cover plate edges down a bit but I think the bolt heads would still hang over a touch, might clear OK.
However depending on which weight Yella Terra flywheel you're talking about there may not be room for re-drilling at all due to the machined areas. Bear in mind when they say standard or light weight they appear to be talking about OEM Chev (which the flywheels are presumably based on) weight rather than Holden V8 - the standard weight one is heavier than standard, the first light weight one is roughly factory weight and has the outer edges machined down around the bolt holes.
I spent a while looking for better clutch options, used one that was ceramic on pressure plate side for a bit but lifetime was very short in comparison to organic. In the end I've got a twin plate McLeod RST unit (full organic facings) which bolts straight on like a normal 10.5" would. It has solid centre discs but this hasn't been an issue, it drives pretty close to a standard clutch (just a little less forgiving if you get the bite point wrong). So far so good and definitely not as easy to spin up even with slicks fitted.
https://www.summitra...913-07/overview
Photos of mine here:
http://www.gmh-toran...15#entry1027214