to be honest, im not sure about the wheels that you have right now, but ill tell you what i know that might help. There is a guy here in California who has a little Mustang parts busines. He will convert the early Stangs and Cougars to accept the new Bullit style and late model OEM wheels. They are 17 x 8 with some funky offset. They will fit BUT you have to change some other things as well. From what he told me you need longer wheelstuds, a wheel spacer, and he also said that the wheel lipswould have to be rolled for them to clear. given, most of this is probably due to the strange offset of the newer cars then anything, but i would imagine that the lips would have to be rolled in your case as well. Im sure with the right offsetyou can forgoe the other measures.
By the way, i have seen these wheels on a few early Mustangs, but no Cougars yet. anyone got a pic? they looke nice on the Stangs and the Cougar is so much nicer to stat with, it probably looks twice as good. but all that aside im seriously thinking about this for the Mach 1s street tires. they need something big in back to fill up those wheel wells. i think these might work.