personally, i think even ugly stock wheels pushed out to be level with the edge of the fender flare looks better then non ugly non stock wheels that are 2 inches sunken in
i think spacers are an excellent option to hold you over until you can buy some new wheels with a low enough backspace to look good with the fender flares
as long as we are talking quality spacers, not cheap chinesium ones
really, what you want is the kind of spacer that bolts to the stock lugs, and then has a second set of lugs for the wheel to sit on
do not try to use a spacer that is just a one inch thick plate with 6 holes in it