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If you go more than 3/16 " with a spacer, you are at risk of breaking off the lug bolts. Why in helll do you younguns want to push the mods so far that you endanger yourselves and others in the car just because you want a restomod look with wheels that were not designed to be used on your classic Mustang?
That is only with the spacers that slide onto the lugs and then you put your wheels on. The type I'm running bolt to the rotor just like a wheel and then the wheel bolts to that on a separate set of studs. Done correctly it works fine.