It only takes about 2 mins per wheel with a 1/2" tip chisel, a 1/4" tip punch, and a led hammer.
before I had this figured this out on my thunderbird, the first one took me about an hour. I tried tack welding a nut to the end of it. The lug nut was WAY too pourous, and cracked off with 3 tacks in the shape of a triangle. they were healthy tacks, too. Guarded the wheel from sparks with kevlar? fire blanket.
Then, since that didn't work, I just took the chisel, split the nut with the chisel 90* into the locking nut, then split it again into a "V" shape so I'd have a flat little spot to use the punch to hammer the lug to the left. Came off excellent. Just make sure the punch is not going to slip off and hit the stud or the wheel. I didn't even graze either one at all.
You almost have to get mad enough not to give a krap about the stud or wheel to get the nut started, but like I said just make sure the punch is firmly planted before each hit with the hammer. I ended up splitting a lead hammer in two, had to grab the other one.
Tap lightly at first to get the locking nut to form to the end of the punch a little, and then hit it like hell, while checking to make sure the punch is planted against the nut well after every single hit.
Had to do it on my mark VIII, also. Got all 4 off of that in 15 mins (yeah, I timed it) from the time I shut off the car to the time the tools were back in the drawers. Didn't lose any experience from a couple years ago on my first SC
Didn't hurt the studs or rim at all, either.
Chris