I have the 555R tires... they work great. They hook good at the track if you warm them up good. Tread life is terrible... but who cares? If your 295's don't bow out past the wheel, then you can probably squeeze 305's on the rim safely. I'd guess you have 10" wide wheels then.
And yes. That is a very nice looking Mach 1!
*01 Cobra, 4.6L, P&P heads, Stage 3 comp cams, MAC LT headers, O/R Hpipe, Bassani catback exhaust, Too many bolt-ons to list..., 4.30 gears. (364 rwhp/ 330 rwtq)
*01 Roush Stage 2, 4.6L, 5 spd, BBK Bolt-ons (Wife's)
*71 Chevelle, 350, 4 spd, H/C/I, (~400 hp)
*72 C10, 350, Auto, (my Daily Driver)