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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.
I would not put them all around. I have seen cars with them like that and they look like a 4x4. I have 245-50-16 on the rear and 205-55-16 on front. You should buy all four and just save the other two fro the back.
I'm running 245/50/16's on the rear and 225/50/16's on the front. I don't think that that 245's would look dumb all the way around, but it might cause rubbing issues on the front.