really?
I don't like that!
how can the insert (bolt 4) be torqued up properly to provide the necessary clamping loads to the adaptor, yet maintain the angular alignment for the hole in the top of it? is it shimmed underneath?
to provide a safe and strong fixing, an adaptor needs to be fixed to the hub firmly and then the wheel fixed to the adaptor firmly, not one of the adaptor fixings. on your setup the insert will pull away from the hub when the wheel is fitted, thus not securing the adaptor. it will all bolt up hard but the force paths through that adaptor are all wrong and could lead to fatigue failures from the cyclic and uneven loading it will recieve when you drive.
chances are they'll be fine but keep a VERY close eye on them, including the 4x100 fixings as if it starts to fatigue, they will loosen.
I design loadcells at work, which means i spend a lot of time evaluating load paths and stress distribution through materials and mechanical assemblies and i can see that setup is all wrong. the two part adaptor is vastly superior from an engineering viewpoint, at the cost of it being thicker.
oh, you may want to put some anti-size compound around the shoulder of the insert, the adaptors don't look like they've been anodised and any moisture in there will cause corrosion and lock the inserts in a treat.