If you drop back to 15's, providing they fit over your brakes, the tire options open up quite a bit. At least, they used to. Last time I looked about 10 years ago, all the vintage racers had 15's on all their 'Vettes and Mustangs; I think even the Edelbrock camp (Vic Jr. and Cami and...). If you 're gonna auto-x or road race (if class rules allow), I'd do a four link for the adjustability. And as minimal as you think it is, you have gobs of room for tires compared to my little A-body MoPar. Talk about small rear tires! The biggest I can fit without offseting the spring shackles and moving the perch on the axle is about a 255.
If you stick with the leaf springs, are 'glass mono leafs an option? Thinking unsprung weight here. I know all kinds of easy stuff to do for my 'Cuda, but that's a torsion bar front end, so most isn't applicable in your case - front roll center too high? Dial it down with the jack screws in the lower control arms. Can't do that with the coils in a Camaro without a bunch of mods.