I rotate rims from my other vehicles every so often an my Z gets left out of the fun because of its outdated bold pattern. I've been looking over the internet and I've found several options for converting my 71 240z from 4 to 5 lug.

bolt on adapter: http://www.ezaccessory.com/Wheel_Adapter_4_Lug_100_To_5_Lug_4_5_p/4100-5450.htm

aluminum hub swap: http://www.modern-motorsports.com/catalog/product_info.php?products_id=71

and complete brake/hug packages from various sources.

My question is has anyone done this recently? Are there alternative or cheaper solutions?

Are there alternative

Yes.

or cheaper solutions?

Not really.

What are some alternatives?

The ez accessory conversion is for a 100 mm 4 lug the Z's are 114mm (4.5") that won't work for your application.

The Modern Motorsports set up is the way to go. Pricey but worth it... IMO.

Aside from the adapters, you can get the front hub from Turbo Z31's. You will then need the rear hub drilled for 5 lugs. The Z31 hub is +30 offset if I remember correctly.

Do a search for more specifica information.