I've just had a quick think:
with 7" rims a ET38 would probably be best (this is assuming you have re-drilled hubs and stock width beam, rather than adapters). This should give you adequate clearance on the wing and inner arches, and possibly avoiding having to limit your steering.
If you running adapters, add the thickness of them in mm to the ET
i.e a 10mm adapter will need an ET48, etc.
this is only a guide however, it always ends up being a 'bolt-them-up-and-see' scenario!
hope this helps a little!
what that means is that the mounting face of the wheel is practically at the centre of the width - ie, 3.5inches of rim towards (and past!) the wing and 3.5inches towards the inner wing.
Your wheels would stick out from under the arches.
Having said that, being a 5x205 would make it a link-pin car so I don't know how wide the beam is compared to a balljoint bug.
I should mention also that veering too far from factory offsets, although might get your wheels to fit, will compromise the handling and suspension of the car
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