Here's a thread of aftermarket wheels with stock suspension if you'd like to see what it looks like:
http://www.ft86club.com/forums/showthread.php?t=28017
I personally think the car looks very good when it's lowered on stock wheels, but I know the stocks aren't everyone's cup of tea. You'd definitely want spacers though.
What exhaust do you have? I can't imagine you would have clearance issues. I have a Tomei 60s which curves pretty low under the axle, but I haven't had any issues.