Are the 16-in Borbets marked 20mm?
Reasons for asking are that:
1) Aftermarket wheels are frequently not quite OEM spec -- the manufacturer makes compromises to broaden the applications of his product.
2) In fact, the 700's original equipment wheels are actually 25mm offset; it's the 240s that had 20mm offset.
Anyway, I'm somewhat unsure what you're asking, re "...considered H&R spacers but, I am worried about the effects of the additional bearing load...." Clearance inboard would certainly be something to check, but as for bearing loads, these lesser offset wheels (20 or 25mm) will bring the wheels' centerline more inboard, not outboard.
Remember that Volvo's RWD wheel offset is the opposite of conventional (e.g., GM cars') RWD offset. Offset values go the 'other' way :-).
Usually, bearing load problems occur when the wheel is farther outboard (it puts more load on the end of the spindle, where the outer bearing is located) -- the inboard end of the spindle is always stronger. Greater offset will put the wheel farther outboard, so the lesser offset of these wheels would be expected to be kinder/gentler to your more vulnerable outer bearings, making the much more robust inner bearings do more work.
I think that your main concern is most likely inboard clearance, as I noted above.
Good luck.
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