A lot of cars (primarily from the 1980s), some as heavy as the LS, only have 4 lugs from the factory...
...just saying it wouldn't be an issue if you did.
I do not agree with this at all...
first off, not every wheel stud is created equal, some are larger and stronger than others. also you need to consider the difference in the bolt pattern, a 4 lug wheel has them evenly spaced around the hub, but a 5 lug wheel missing one, leave a larger percentage of the wheel not being secured, and would not be quite as strong durring side ways forces (like the car turning and the wheels pulling the car toward a different direction that it was heading)
most 1980 cars did not handle nearly as well as the LS does, and going any longer than you really need to, may cause it to slip your mind and you may one day be out for a spirited drive through some hard turns and putting extra stress on the studs that are left.
more importantly, wheel studs are not know for being weakened and breaking from being removed after always being fastened to the right torque spec, instead they usually snap after someone has put them on way too tight and that (if it doesn't break them then) can seriously weaken them. if one lug nut was put on so tight that it caused the stud to fail, then chances are high that more of them were too. and driving around with a broke stud and possibly more weak ones than could break at any time is just a recipe for disaster.
what do you think would happen if you were driving around and one of the studs adjacent to the broke stud also broke off, I'm pretty sure it that point, not much is stopping the rest from breaking off. how confident are you that you would be able to stop the car safely or even that you would notice it in time?
if it was my car, I would drive it a lot slower than normal and only far enough to acquire a new stud and lug nut.