Ron O! You hear that? You and me, Dude....We be cool!
Frank:
You know, it's funny....I always thought that 7" X 17" would look cool on my Speedster. Never thought about how hard they might ride.
But that's not what is on there now - I'm running 7" X 16" with a 5/130 bolt pattern That is the official pattern size for Porsche (and not a whole lot else).
I used to run 205 55 R16's on the front and 225 65 R16's on the rear, but you can't rotate anything with that set-up, so with my last set of tires I went to 205 55 16's all around. Tire pressure is 18 front and 24 rear for the street.
Personally, I chose this size because it comes closest to replicating the tire diameter that was on my '69 beetle originally so I thought it might come closest to getting the speedo speed right, but I think it's off by 5%-7% or so anyway. Additionally, it has a nice sidewall which fills the wheel well nicely, gives a great ride and looks "period" (at least in MY memory!) Trust me - 205's look pretty big on a 356 from the front or real.....They're definitely NOT narrow!
I'm hoping you had a typo in your bolt pattern size - you typed 5X120 which is a BMW size while Porsche is about the only outfit running 5X130 (Volkswagen runs 5X130 on the Taureg SUV, but that's just a Cayenne in disguise).
My rims are from an '89 911 and are now megabucks to replace. The reproductions are much cheaper (although heavier and weaker, too).
Here's a good site for bolt patterns used in the industry:
http://forums.beyond.ca/showthread/t-117406.html
Sorry, but I don't have any decent side-view photos of my car. If you want one, let me know and I'll take her out and shoot a few.