16x8 wheels on a 64 Valiant

Is it possible to install 16"x8" wheels with a 4" bs on a 64 valiant? I'm more interested in the front clearances. How tall of a tire can be used? I really like the Vintage Wheel Works V48 (minilite style). I've seen many people fitting 17"x7" wheels, but those are $125 more per wheel, so if a 16"x8" works, that's fine for me. Any info would be appreciated. Thanks.