I wouldnt lower it anymore with 295's, i had that size on my 74' and when i lowered it the tires started to rub and smoke over small bumps with my 3 kids in the back, 295's are pushing it to the max, had mine like yours for 12 years no rubs and drove everywere, now i have 255 and lowered it and its all good.heres my pics i have on mine 15x8 with 3.1/2 back space 295r15 50 tires they are right on the edge of the fender with no problem im thinking of lowering the car about 2" more so the tire would go inside more.......... http://s299.photobucket.com/albums/mm319/elchupes/?action=view¤t=pics017-2.jpg