My Car isn't a King but I did have the Cobra air dam on my car earlier on. The rear is dropped 1" and the front 2-3" (can't remember for sure) The wheels I have are 14x7s but I can't remember the backspace on them.
My front tires are P195/60-14s
Overall dia - 23.2 inches
Section width - 7.68 inches
Sidewall Height - 4.61
Comprarable 15" tire sizes would be:
P195/55-15
Overall Dia - 23.44
Section Width - 7.68
Sidewall Height - 4.22
P205/50-15
Overall Dia - 23.07
Section Width - 8.07
Sidewall Height - 4.04
P205/55-15
Overall Dia - 23.88
Section Width - 8.07
Sidewall Height - 4.44
P215/50-15
Overall Dia - 23.46
Section Width - 8.46
Sidewall Height - 4.23
P225/45-15
Overall Dia - 22.97
Section Width - 8.86
Sidewall Height - 3.99
Some of these tire sizes may not even be available. I just pulled them up using a tire size calculator. But you may never know, depending on each tire manufacturer.
Backspace on the wheel is a big player on where the wheel is located as you turn it (the steering wheel). More backspace will probably help with preventing the wheel/tire combo hitting the front air dam, but on II's will cause rubbing problems with the inner frame and the wheel itself may rub the control arm from the excessive backspace. This is why wheel spacers were used on alot of the later model mustang wheels when used on IIs. (IIRC they are 4.25" on the backspace) Typical 7" wide wheels are usually 3.5 to 4" on the backspace depending on manufacturer and style of wheel.
If you're ok with the 'rubber band wraped around the rim' look then going to a lower profile say like a 45 or 50 series (depending the the width of the tire --see below-- ) you might be able to get it to clear. I can't stand that look and to be honest i don't care for how short my tire sidewall is on my front wheels. It's borderline acceptable for me though. You also what to make sure that the tire's Section Width is enough to cover the width of the rim. For a 7" rim, 195 is cuttin it awful thin. Otherwise you'd get that look as if the tire was stretched wider to fit the rim and providing none or negitive sidewall bulge. (where the rim would stick out farther than the rubber of the tire. - typical with lowriders)
A little info on how to understand and figure out tire sizing:
Section Width
Following the letter(s) that identify the type of vehicle and/or type of service for which the tire was designed, the three-digit numeric portion identifies the tire's "Section Width" (cross section) in millimeters.
P
225/50R16 91S
The 225 indicates this tire is 225 millimeters across from the widest point of its outer sidewall to the widest point of its inner sidewall when mounted and measured on a specified width wheel. This measurement is also referred to as the tire's section width. Because many people think of measurements in inches, the 225mm can be converted to inches by dividing the section width in millimeters by 25.4 (the number of millimeters per inch).
225mm / 25.4 = 8.86"
Sidewall Aspect Ratio
Typically following the three digits identifying the tire's Section Width in millimeters is a two-digit number that identifies the tire's profile or aspect ratio.
P225/
50R16 91S
The 50 indicates that this tire size's sidewall height (from rim to tread) is 50% of its section width. The measurement is the tire's section height, and also referred to as the tire's series, profile or aspect ratio. The higher the number, the taller the sidewall; the lower the number, the lower the sidewall. We know that this tire size's section width is 225mm and that its section height is 50% of 225mm. By converting the 225mm to inches (225 / 25.4 = 8.86") and multiplying it by 50% (.50) we confirm that this tire size results in a tire section height of 4.43". If this tire were a P225/70R16 size, our calculation would confirm that the size would result in a section height of 6.20", approximately a 1.8-inch taller sidewall.
Here are a couple of useful tire calculators that I use from time to time:
Tire Dimensions Made Simple - Discount Tire
Tire size calculator