2nd gen on steel wheels?

Ok, I want to run a steel wheel and poverty cap setup on my truck like the COPO cars ran in the late 60's.  So, did GM ever offer a 16" steel wheel with the proper 5x4.75 bolt pattern to work on our trucks?  If not, what's the opinion of running a 235/60-65/ 15 on 15x7 steel wheels.  I have a stock height zq8, but I am considering 2" drop spindles and maybe a 1-2" block to get a little lower and don't wanna rub or buy new tires.   I'm running 215/75/15 right now, as the PO kept the zq8 rims.

Thanks,
James. 

Nobody trying to get a car to handle well on 15's?  OK, so what about those 8 spoke racing wheels they ran in the 60's & 70's and the tuner boyz are running alot now too.  I think they're called "Ultralights."  Anyway, I'm sure somebody makes a set in a 5 bolt pattern in 16 or 17" rim.  And that would look really cool with gunmetal centers/polished lip on a black or imperial blue metallic first or second gen truck, no....?

235's will fit on a 7 no problem, profile is all up to you. Just use the linked site to compare tire sizes, if you stick with the same height you shouldn't rub. Low profile tires will always handle better, to the best of my knowledge anyway...

Link: http://www.miata.net/garage/tirecalc.html

Nobody trying to get a car to handle well on 15's?  OK, so what about those 8 spoke racing wheels they ran in the 60's & 70's and the tuner boyz are running alot now too.  I think they're called "Ultralights."  Anyway, I'm sure somebody makes a set in a 5 bolt pattern in 16 or 17" rim.  And that would look really cool with gunmetal centers/polished lip on a black or imperial blue metallic first or second gen truck, no....?

15s have a horrible tire selection in anything wider than 225-235 range.
they also make it hard to fit real brakes

Yeah that's true, but I'm running stock parts on a Daily Driver with stock brakes or at best an upgrade to blazer calipers.  Should all fit under a 15" rim.  I'm looking for an increase in performance using as many stock parts as I can.  I'm not really pushing the limits of my setup, so 12-13" rotors and 6 piston calipers ain't necessary, yet.