3.5" bs is inadequate, and will place the tire sidewall critically close to the lip of the wheel arch, at the 12 o'clock position, in sharp turns.
You didn't say whether the front has been dropped, but if it has you would be better off in the 4 5/8" to 4 3/4" bs. Also, 90% of drop spindle kits move the wheel mounting surface outboard ½" or more, so 3.5" bs is just not a good choice.
Leave yourself some room for different tire size choices by increasing the backspace.
If this help, I just ordered some new wheels and tires for my 55, went with 235/45/17 in the front on 7" wheels and a 4" BS. The tires fit and I have 2" dropped coil springs but they didn't look right, too small for my taste. So I ended up ordering 225/50/17 for the front the get a bigger diameter tire with a little more sidewall. For the rears I am going with a 255/50/17 on a 8" wheel with 4.5" BS.
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