After taking some measurements, it looks like 7" of back spacing will get me just inside the fender, but maybe 7.25" would keep from any potential rubbing. Anyone with a similar setup lmk and post some pics.
http://www.mustangevolution.com/mustang-articles/mustang-wheels-and-tires-faq/#rimbackspacing
Rear Wheel Fitment:
If you want the maximum frontspacing of your rims without having to roll your rear fenders then you should have 3.5 inches of frontspacing. If you want fender flush then you want to have 4.0 inches of frontspacing. You will probably have to roll your fenders for this.
If you have an IRS (Independent Rear) equipped vehicle you may can get by with a little more as the tire tuck in as they come up much like the front wheels will. The rim will not be flush with the fenders, but after you install tires they should be very close to flush. Some need 4.25 to become perfectly flush, but most want a little but under the fender for appearance. So 4.25 is the maximum unless for a normal sidewall tire.
An 11 inch rear rim with a 7 inch backspacing is about the limit for the size of rims you can run on the rear. You may have to either flip or eliminate your quad shocks if you have them for this. A seven inch backspacing is pretty much all you can get out of it. If you have an IRS (Independent Rear) vehicle then you will need to look into shaving your IRS rear frame bolts or installing button head bolts to clear over a 6 inch backspacing rim. Having your car lower than stock or larger than 17 inch rims may gain you a little extra room here.