Will 195/50/15's fit on an 89 GT with the quad shocks?

I think that might be too big....why would you want to go over 255's? If traction's a concern, get better up/lwr ctrl arms and shocks/springs etc for whatever application you want - street or strip.

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'90 LX 5.0; 12K original miles (no sh*&); 3.55 gears; pulleys;Edelbrock Performer Heads; BBK shorties; MSD 6AL box w/ blaster 2 coil; Motorsport E303 cam; Pro-M 75mm MAF; BBK 70mm TB; Eibach spring kit; Southside welded subs; K&N cone filter charger; Hurst shifter; fiberglass turbo hood; A/C-less; rear seat-less; cat-less; 2 chamber Flos; Corbeau racing seats (fronts);
30# injectors; JMS Chip; 190 lb fp; TFS track heat Intake (12.299 @ 113)