The steering concept you were thinking of is called "Ackerman".
Custom sway bars are necessary. Use dropped spindles for most of the lowering and the adjustment for fine tuning.
Don't narrow the beam yourself unless you are very confident in your welding/fabricating skills. Having a beam break at speed is very bad.
I narrowed my beam 1 1/4" on each side myself, this puts the shock towers 1/4" from the inner fender sheet metal on my '68. 195's on 5.5" Porsche 912 steel wheels fit easily under the stock fenders. I think 205's or 215's on 7" alloy wheels would be easy with the correct offset. I am working on a reasonably priced solution for a sway bar.
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