DISCLAIMER: These cars have a wide level of tolerances and what works on one car may not necessarily work on another.
On my car I run 18x10s with 295/35/18 front and rear. I haven't actually driven the car, nor have I set up the final alignment, but its been sitting on the wheels for the past 3 or 4 months and the springs have settled in to ride height with zero rubbing. My final alignment specs will only make them tuck in nicer. I'm hoping to achieve neutral handling by running a square setup, plus I can rotate the tires for more even wear. 295s up front are a TIGHT fit, you really need to plan and double check your measurements. The front fenders have about 19" of space from the inner fender to the lip of the fender. I did NOT roll the lips of my fenders in order to fit that wheel and tire combo on either the front or rear of my car.
I'd recommend perusing through the wheels and tire thread to get an idea of what people are running with what sizes and offsets/backspacing. There are plenty of websites that convert backspacing to offset and vice versa to save you some time and some of your sanity. I've also included a link to Will They Fit with a comparison of my setup to your proposed F223 Challenger Ralleye wheels to get an idea of the fit with those vs mine.
http://www.willtheyfit.com/wheels/#.WJ7Bu2GmPaM.linkFront setup: Hotchkis TVS, FirmFeel 1.18 TBs, Ridetech adjustable shocks (about an inch shorter than stock replacements to accommodate my lower ride height), and DrDiff Stage 4 brake kit (these push the wheels out about 3/4" per side over stock if memory serves me correctly).
Rear: RMS Street Lynx with a stock width E body axle housing. DrDiff 11.7 rear disc brakes.
If you're looking to run a more modern looking wheel, then the stock width e body rear end will serve you better than a shorter axle housing. Modern wheels typically have much more backspacing than "classic" style wheels. With my setup, wheels made to fit 94-04 Mustangs were just about a perfect fit.
These are the wheels that I ended up with:
http://www.americanmuscle.com/black-amr-18x10-9404.htmlI'm not too pleased with how shiny they are with the rest of the car, but I haven't washed the car in probably 4 or 5 years, so I am hoping they match the color and paint when all is said and done. If not, I think they would look way better with a less shiny finish.
This is probably the best shot to give you an idea of ride height and the look from the side:
From the front. Fender clearance looks good both front and rear. Sits in the wheel well pretty well.
To give you an idea of what a 295 looks like out back
It's pretty late at night, but I figured I would pop in and hopefully add some info to what 72blunblu posted. Hopefully this is semi well laid out and makes some sense. Let me know if you need any more info.