My theory is do it right and then you don't have to worry about it. I have seen a v8 or two with the four lug wheels. My main concerns would be brakes, springs, cooling system, sway bars, transmission, and rear diff. Personally, I would just get a new suspension kit for the GT or 620 front coils with the kit and do the whole thing. And I would use five lug hubs too. Brakes are what I think are the biggest deficiency. The orgiinal v8 brakes are maginal at best for low horse power applications. I would do front disks and consider rear disks depending on your driving.
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