How to Mount Spare Tire on a 1969 Dart 340 GTS

Well, the spare tire well is sized pretty much for a 5.95 x 14. Any kind of decent-sized tire will bulge up out of the well, and make a bulge in the floorboard. It's not just you.

But even given that, it does look like it sticks up a lot. I have a 195-75-14 as a spare, and it sticks up only about 7/8 inch. Are you sure the tire is bottomed out, or is it catching because of the diameter?