I also have a 98 SVT. It happens to be an E0, but I don't think that matters.
I have had 225/50R16 tires on it since the first time they needed to be replaced. I never had any rubbing issues until about 180,000 miles, and even now it is only ocassionally from the rear with a lot of weight or over extreme bumps. Clearance is tight but adequate. I'm very happy with them.
Since 215/50R16 is a slightly unusual size, you will have a much better selection looking at either 205/55R16 or 225/50R16. Any of the three sizes will serve you well.
