<VV> tire question

[judynrandy at comcast.net]

I have a tire question.  I recently scored a set of early falcon 14" wheels.  I was told that all you had to do to use them was hog out the center hole about an 1/8 of an inch so the wheel would fit the corvair drum.  When I compared the finished wheels to a corvair one, I was extremely surprised to see that the falcon 14" wheels were 4.5 width, and the corvair 13" ones were 5.5 width.  The tires I had to use are 195-70/14's.   I wasn't sure what to do.  So, after talking to my friendly neighborhood tire store,  they said you can use any tire on either rim within its class.  He said it may look a little strange, but would work fine.  He let me mount one and compare it to the one on the car already.  It didn't look too bad.  The car is a '63 ragtop daily driver. 
Now, my question is this:  what difference does it make?  Is there a preference?  And if so, why?  What would I gain/lose by using the 4.5 wide rims and why?  What would I gain/lose by staying with the 5.5 wide rims and why?  As you can see, wheels and tires are not my cup of tea.  Thanks in advance for any help. 
  
Randy (Cap'n) Hook 
'60 700 4dr  '64' 110/4spd 
'63 '500' ragtop 110/pg 
'65 Monza 4dr  84/pg