I looked on the corvette forum for 1986 16x8.5 wheel specs (previous wheels w/ 1.5in spacer/ adapter).
They have a 6in BS - 1.5in adapter = 4.5in BS.
I ran these with 255/50-16's (26.04in x 10.04in).
With the stock springs and shocks (1yr old and 5k at the time) the front tires would rub the outside upper part of the wheelhouse through large dips on country roads.
Once I installed the ATR performance springs and big "A" gas truck shocks they did not rub.
My current fronts are 17 x 8.5 and were made with the same backspace (4.5in), tires are 255/40-17 (25.04 x 10.04) and of course no rubbing.
With the 9in wide wheel the extra width would be to the outside and set very flush. Using some #600 ish springs and Bilstein shocks with shorter tires you may be ok with a 1in drop, but I don't think I would chance it.
The rears should be fine as they are 1in narrower than the ones quoted below from the suspension thread
"My new wheels (Weld RTS content inside)", but I think you already knew that.
My rears may be the same, but I need to measure.
15x5 front 15x10 rear. Pictures taken in South Florida on 11/28/2015
2.5 up front (yes I added the adapters to help push the wheel out)
4.5 in the rear (rolled the lip)