It will be tight, and you may rub the fenders, I did... I have 3" flares on my z, and I originally had 295/50-15 on the back, but they rubbed any time I sneezed, heh... I'm now running 265's, and rubbing occasionally, using AZC red springs and strut inserts...
Here's a pic of 'in construction' with the 295's...
...and with the 265's