You could get a sleeve made to fit over the existing spindle, but it would require a lot of planning, machining, making sure tolerances are correct, testing, etc. Not worth the effort. I saw on r3v some guy took this idea, but offers it as a complete package at near E30 M3 suspension prices. Meh.
If you own your own machine shop, sure... as a backyard DIYer, no.
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