A general rule is 1.5 times the diameter of the bolt.
Im currently running a 1/4 inch spacer all around on stock studs and that would be the max that I would feel comfortable with before getting extended studs.
6 full turns on the lug nut and you will be fine for daily driving . Just make sure there torqued down . Depending on the wheels your running you might have to trim your studs to run anything below a 20mm bolt on adapter .
I'd agree with DIYroadster's suggestion...the engagement should be 1.5 times that diameter of the bolt/stud. That is an industry accepted value...and not just for wheels!
I'm surprised that there's good information here. 1.5 is what you should be shooting for. Coincidentally, one of my courses this term has a section based on bolted connections. You might also find this interesting. It shows how the load is distributed on the first several threads. You can see there is a point of diminishing returns.
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