1966 valiant rim width with spacers

Nope I think you nailed it :(
Going down to 7” is fine if it means no mini tub or leaf relocation.
So 7” with 5.5” backspace could work?
You will need to measure to make sure. My 15x7's are 4.5" backspace. Edit. I think these black Rallys are 4" backspace