Putting 5 lug conversion on the '75 and was surprised to fond that the stock dust shields rub on the 14" fuchs.
Should I bend them, or
Should I remove them?

Standard dust shields with new redrilled rotors,

ok I'm new to 914's but not cars, I have a 1971 Bronco that I put bigger motor and bigger tires on, clearance wasn't the issue but just didn't want them, most guys on Bronco site said no issues to not even run them, went without them and never had any issues, some guys claimed added cooling even as the heat wasn't trapped and air flow to surface area was increased, 914 guys I know will know more but that is all I can add