Hello all and thanks for the feedback!
Here's the deal, the reason I want teh flares is to tame the look of wider rims. As RI-SHO posted, thanks chief, you can see what a gen2 looks like with a true Cobra style rim. Problem is, the gen 1 wheel wells are less forgiving and ride lower for the most part as well (esp with the lower skirts in the rear, which isn't the actual ride height, but the skirts are low stock, let alone lowered!)
As for the rims, those no longer are on my SHO. I've went back to slicers since due to rubbing in the rear, sad part is it turns out that my rear camber was the cause from the get-go! I forgot which rims they were, but will update you guys. very cheap as well! I believe sub-$100 a piece!
Also, I did mean the '00 Cobra R rim and replica's are available in 17x8.5"/9" as well as 18's.. 17"x9" are a rarity, though...
Finally, torque steer is definitely going to increase, however, I'm hoping that the Quaife will aid in reducing that factor a bit. I'm also looking into altering the spindles push the bearing/hub assembly further outwards, allowing me to prevent the usage of spacer plates... But that just sounds nuts and I DON'T want to see the cost of something like that.
Other choices would be
BBS Rims which I always found to be sharp lookin' rims, esp. for auto-xing SHOs. With minor flares and a bit of a refined rounded look to the wells, I'd imagine such a rim would be nothing short of DEAD SEXY!

But those are too expensive for rims to just "experiment" with..
We'll see how the project comes along within the next few months. Also, so I don't bust anyones bubble to late down the road, this may be cancelled/postponed if need be. I'd much rather build a strong drivetrain at the moment rather then produce the ultimate flare kit... lol..
Greenbird, no not a wide body kit... you're thinking 4" wheel flares that run along the doors and bumpers, lol.. NAY! I'm just flaring the top of the wheel wells and a tad along the sides to increase the gen1's clearance, mainly for the rear. Some of us have issues with rims wider then 7.5" and others are luckier with issues... I've had endless problems with clearance and it's beginning to really nag me off...
I wouldn't worry about wheel bearing wear, 17x9" cobra style rims have been used on a SHO and I've spoken to the owner a while ago drooling over the looks of his sharp gen 2! And if you're out there, I forgot your name, but never forgot that dreamed you helped influence amongst us SHosters looking for something more RWD-ish in our cars!