Okay, I faced a similar issue (back when I had some awe-inspiring equipment to tackle the problem, but not enough free time). I was going to machine my own hub to mount a four-bolt ATV wheel on a bike. I never did get around to that, and I wound up diverting the "bike" wheels to a trike. It all worked out.
Here are some of the issues I see arising if you want to use two rear hubs as the left and right ends of a fat tire/wheel assembly:
The attachment between hub and adapter will have to be strong and stiff enough to withstand bending stress from both vehicle weight and chain tension. Consider using all 16 or 18 holes on each side. Also, the center of a hub shell is not designed to be overhung (only compressed like a column), and thus may not be strong enough to withstand such loading. So you should definitely attach the same-side flange to your assembly unless you can determine that the hub shell you are working with is plenty thick and has a large diameter in the center. A chunky-looking cheap hub may be just the ticket.
This is the sort of shell that might work if you bolt up to the far side flange:
But this hub would not work if you overhang it from the far side flange:
You'll probably need an extra long axle. Common rear axle sizes are 3/8"-26 for solid axles and M10x1.0 for hollow quick-release axles and track axles. The best alternative I have found is M10x1.0 high strength all-thread from McMaster-Carr. You can get 3/8"-24 studs that are leaf spring center bolts for trucks, but then you'll have to use 3/8"-24 hub cones and locknuts from a coaster brake hub. It's not straghtforward.
Chainline (the alignment between chainrings in front and sprockets in back) will likely be an issue, unless you use a jackshaft hub like the Hanebrink Extreme Terrain bikes.
Later examples of these bikes went without the jackshaft, but I'm not sure whether that was by means of an extra-wide crank, a crank offset to the right side, or just a very long chain run that tolerated the misalignment. Surly uses a special wide-set crank called MWOD for their Moonlander bike with 5" wide tires
http://surlybikes.com/uploads/downloads/MWOD_explained.pdf
Your project sounds fun. Good luck with it.
Chalo