i have a 2nd gen camaro (front steer, ~78 vintage) under my '39. it's really close to the fenders. i'm going to have to run deeper offset wheels to be able to lower the truck much. it's in-process right now, so I haven't picked final tire size yet. i'll have the motor in and fenders back on in the next month or so (hopefully). it's not the same body style as your truck, so i don't know how applicable it will be to what you're building.
many people advised me that i wouldn't be able to lower this thing much with wheels much larger than 205/15's. we'll see if they're right.