I dont think I will go beyond a 3.0 so I can use the webers and keep from cutting up to front of the car for oil coolers.
First of all Andy, you know I'm no expert but it looks like just adding flares won't be enough. You are gonna need the rest of the fenders too.
I say flare it. You have a great narrow bodied car and like others have said, anything you do won't be original to this car anyways.
One other thing...I have *heard* rumors that you can put a 3.2 in a car fairly easily without cutting up the front trunk for the oil cooler.