Good morning Carl- I have run both 135's (23 1/4" tall) and 145's (24") on my Cal Look bug and they don't put nearly enough tire actually on the road for the car to handle or brake well. Handling will seem to be almost ok (unless you like to really push it), but braking can be absolutely scary, with discs on the front, locking up very easily in wet or loose surface situations. This is why on my bug (with 185/70's on the back) I went to type 3 rear drums, in an effort to balance the front/rear braking bias (it was much better, but not quite perfect).
I came up with a formula (rather crude and it's not exact, but it illustrates the point) to compare the actual footprint of different size tires and the 135 puts approx 1/3 less rubber on the road (17sq.") compared to a 165/80 (26 1/2sq."). The 145/80 puts down 20 1/4sq.", which is better, but still not great.
You should be looking at tires with at least equal footprint for the front of your car. For example, a 175/65 (24" tall) measures out at 25.65sq." (almost 1 1/2" more than a 155/80, which along with the 165/80 is considered a stock replacement size), a 185/60 measures at 26.5, 185/65= 28.7 and a 195/60 puts 29.9sq." on the road. The 175/60 is the same height as a 135 and puts almost the same amount of rubber on the road as a 155 (23 1/2sq."), if you're really intent on a smaller diameter tire up front (it will mess up your speedometer and odometer readings being close to 2" shorter than stock, though). These cars handle best when they are level (or close to it) so an ever so slight nose down attitude is ok, but I think that they really don't look right with the front end slammed either, so the car will need an adjustable beam so you can fine tune the front height.
Hope this helps, my friend. Al
PS- I think your car will look Bitchin' with centerlines!
And another ps- a 5 1/2" rim is too wide for a 135....