Is that 4.25" on an 7" wide rim? If it's a 7" rim and you go to an 8" you'll need to tuck more of the rim under the fender assuming the same type of rim, so the rim would then require 4.75" of backspacing (1/2" on both sides of the rim for the 1" difference in width). On a 15x8" that won't fit, it'll rub the upper arm. On a 17" and possibly some 16" rims you'll need the 4.75". At most I think you'll only need 1.5" spacers all around for the 05 and newer rims, 1" for the earlier. 2" spacers will most likely put the outer edge of the rim in or past the edge of the fender. Obviously 69 Stangs had a bigger wheel well than my 66 and you may be fine. I have a set of 05 premium GT wheels for my wife's 66 coupe and i'm running 1.5" spacers without issues. That may change when i try to get rid fo the current 4x4 look....