Ok, you wheel experts. My Caddy has a .54" (13.72mm) offset wheel (5x5" or 5x 127mm). If I wanted to install an aftermarket wheel, do I have to match that offset exactly or could it be off a bit (i.e. could I install a wheel with a 12mm offset or a 14mm offset, etc...)? What would be the issues I might run into? I am assuming its all about clearance for turns, etc..; Am I correct in that assumption?
Like you said its all about clearances. you have to make sure that the rim and or tire doesnt hit suspension parts or outer fender .
A millimeter either way will not make much of a difference. Crawl under the car and see how much room you have to the inside (first thing to hit be it frame rail or inner fender), and to the outside fender lip. Rear is easy because the wheel doesn't turn, with the front you might want to turn it lock to lock and look at the inner and outer both front of the tire and rear of the tire. As I remember those cars have fairly large fenderwells so you probably have more leeway than just a mm or 2.