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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
245s will not be a problem at all.... any bigger with that size wheel and you will run into issues. with a wider wheel with a bit more backspacing, you could get away with larger tire also, but that backspacing will be critical in making that work