You cannot disregard lateral loads, or else it's a meaningless exercise. Remember the cars can pull 3G plus cornering load, and this lateral rigidity has a big bearing on design. Remember the cornering forces try to load the rim in bending too.
The inflation loading significant too. At 20 psi, you have a lot of energy loading the rim, nearly 4000 lbs of stored force.
I would also consider rotational (centrifugal ) load, as reducing material thickness of the rim and spokes makes a meaning difference when spinning at 2000- 3000 rpm on a straight at Monza.
The biggest loading would be torsion cause by braking torque, often at 4g's.
Also, the nut does not transfer torque to the wheel, the drive pegs do that.
Finally, have to allow for the strength of the magnesium alloy at over 100 degrees average temperature, due to the brakes. The more pure magnesium alloys lose considerable stiffness as temperature increases....