One thing about running spacers is making sure you have enough thread engagement to run the spacer you want. The minimum engagement of a lug nut should be six full turns with a spacer. IMO the wheel studs on the Contour seem pretty short... I was thinking like the stock studs on the Cobra were somewhat longer but can't say for certain. I know the maximum spacer size you can run on my Cobra is 1/4", or you can possibly go 3/8" if you have extended reach lug nuts. I'd say on the Contour about 1/8" is all I'd feel comfortable going... you might be able to do 1/4".
I've ran 1/2" spacers on the rear of my Cobra for several years now... it has no effect on a bearings lifespan due to spacing the wheel out. My car still has the IRS so there are hub bearings for it in the rear
Shannon