what size wheels and tires can I fit on my 1986 325 (e)???

["Rod Birch" <HOTROD930@xxxxxxxxxxxxx>]

Hi all,
I'm finally in a position to toss my 14" bottlecaps and 205/60 tires.  I
want to go with some 16" wheels, and I think I've read that 7.5" width will
fit my car, and perhaps 225/50 series tires?  I have lowered my car with
Eibach springs 1.3" all around, if that makes a difference.  Will this size
tire keep my speedo accurate, since the original tires were something like
185/60 x 14" tires?  It seems like the speedo reads about 5 mph "high" now
with the 205/60's.  If I can/have to roll fender lips, that's okay, but I'd
prefer a good fit without any rubbing...

Any input would be appreciated!

TIA

- -Rod Birch