Have you made any changes to the brakes? Are you planning any brake upgrades in the future? If so, do the brake changes first as many non-stock brakes change the backspace required...Ask me how I know /forums/images/icons/shocked.gif
If your brakes and suspension are stock or near stock, and you're building a cruiser (vs a racer), a sweet combo would be:
Front:
16 x 7 4.25 backspace
205/55-16
Rear:
16 x 8 4.5 backspace
225/50-16 or 225/55-16 for a little "rake" (taller tire)
You shouldn't need anything special suspension-wise, and you shouldn't have to roll the fender lips for the above combo. (Disclaimer: YMMV, every car is a little different!)
If you plan on having a little more fun:
Front:
16 x 8 4.5 backspace
225/50-16
Rear:
16 x 8 4.75 backspace
245/50-16
This combo will require rolling the rear lips, and a negative wedge kit or tubular a-arms up front.
My 1965 Restomod Shelby Clone
http://www.hometown.aol.com/ihatecar24/clone65.jpg