The right rolling stock can...
The right rolling stock can make or break a project, but if going large, be prepared to check and re-check tire/wheel clearance measurements before ordering up those expensive alloys and rubber molecules. The fully packed wheelwells on Classic Design Concepts' Bullitt-themed, Dynacorn-based Flashback beautifully demonstrate the results of doing it right.
Few modifications can have as profound an impact on a classic Mustang or Ford as the right set of rims and tires-a declaration that holds true for both looks and performance. In fact, we can think of no other single investment so effective at personalizing a ride. Back in the 1960s, names like Cragar, Ansen, E-T, and American Racing were common buzzwords when talking about "mags" for one's muscular Ford. Like most other aspects of life, things were simpler then-rim diameters beyond 15 inches were practically unheard of, hardly anybody upsized their brakes, and wheel manufacturers could be counted without even taking your socks off.
Today, the wheel market abounds with brand names, and the range of available diameters, styles, offsets, prices, and even materials and construction is positively staggering. For the truly custom-minded, some companies will now build rims to customer specs. But while it's easy to get all wrapped up in the appearance equation, your first and foremost task in all this is to be sure that whatever hoops and rubber you decide upon will actually fit. Few things are more disheartening than to hear or feel that pricey new rolling stock rubbing or scraping on something even before their large Visa bill arrives. This fit thing may be relatively straightforward if you haven't, or don't plan to, modify your ride's brakes or other major suspension components, and are sticking with near-standard-size wheels that are specifically engineered for whatever classic Ford you're working on (like maybe going from 14x6s to 15x7s). Naturally, such off-the-shelf simplicity goes out the window when shopping for a truly custom look, when sizing after track width-altering suspension mods, or when trying to work around manhole-sized brake rotors or giant mono-block six-piston calipers.
An example of Plus-3 sizing-going...
An example of Plus-3 sizing-going from this Mach 1's stock-size 14-inch stuff to 17x8 American Racing Torq-Thrust IIs in a custom offset. Showing how important it is to get overall height right, P225/55R17 rubber was first tried on this project, but proved too tall (by about 0.9 inches) and rubbed. Going to lower profile P225/50R17 skins solved the problem by being almost exactly the same height as the Kelly 14s. Notice, though, that any excess ride height becomes more obvious with the short sidewalls of the 17-inch rolling stock. (Time to drop that Mach into the weeds!-Ed.)
So, where to begin? As with any project, the best place to start is with an overall plan, especially in relation to chassis and braking upgrades. For example, if your ride is to remain otherwise nearly stock, odds are you may not want to go too radical with its new footwear, especially if you're not thinking of lowering ride height. The tall tire sidewall that comes with a stock 14-inch rim is visually forgiving of any gap between it and a wheel lip, whereas the ultra-low profile rubber necessary for something like 18-inch rims can make stock ride height look both geekish and agricultural. On the other hand, a slammed and radical ride will in all likelihood demand more than 15-inch footwear.
Practically speaking, we can't foresee a lot of application for rim diameter greater than 18 inches on a classic Mustang. Beyond that, the required tire sidewall height becomes so short as to start looking out of place on something that was designed more than four decades ago. Remember also that such short sidewalls exact a stiff (pun intended) ride penalty. But, hey, if you're bound and bent on a set of 20-inch blings, maybe the following info will help you determine if it's even possible.
Tired yet?
We can't talk about rims without some mention of tires, and that brings us to a quick discussion of "plus sizing"-the concept of going to a larger wheel diameter while staying as close as possible to original overall tire diameter and circumference. Proper plus sizing retains both speedometer accuracy and good visual proportions, while also avoiding any change in effective final drive ratio, and hopefully taking height-related clearance issues out of the equation.

Classic Design Concepts' (CDC)...

Classic Design Concepts' (CDC) modern Bullitt project, as shown in our lead photo, wears P245/40R18 rubber on custom-spec'd 18x8 Torq-Thrust IIs up front. The rear Torq-Thrusts measure 18x9.5 and mount P275/35R18 skins. Measuring for this project also had to take into consideration its huge Baer brakes and a complete front coilover/rear three-link RRS suspension.

CDC's modular GT500-powered...

CDC's modular GT500-powered Flashback also uses 18x8 rims up front and 18x9.5 out back, this time from Forgeline, with the same tire sizes as on the Bullitt. This car also wears RRS suspension hardware and brakes.

Though it may appear much...

Though it may appear much like an original '67 GT, this is CDC's first Dynacorn-bodied project, wearing 15x7 Styled-Steel wheels from Scott Drake with P215/65R15 rubber. Such a Plus-1-sized upgrade should work with most Mustangs without much need for clearance measurement. But if it was our money, we'd still measure.

Yet another CDC-built project-the...

Yet another CDC-built project-the Equus Tom 1-uses the same 18x8, 18x9.5 combo as the company's other radical Flashbacks. These rims are form Electri-Cal Machining and again were custom spec'd for offset based on the car's suspension and brake hardware. Do you detect a pattern here? Suspension design and track-width, along with braking hardware and sheetmetal location/modifications, are major determining factors for successful wheel sizing.

Don Gasiunas' tricked out...

Don Gasiunas' tricked out '70 Mach 1 takes a different approach with 17x8 Raceline GTs up front and 18x10 versions out back. Front rubber measures P255/45R17, while the rears are generous P295/35R18s, likely made possible by the SportsRoof's Total Control Products coilover suspension system.

Another Total Control-suspended...

Another Total Control-suspended Don Gasiunas project was this '67 ragtop. PS Engineering made these rims in 17x8 for the front and 17x9.5 in the rear, wearing P245/45R17 and P255/45R17 rubber, respectively. You can see that the chosen offset left a little extra real estate between tire and rear fender lip.