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I asked the same question a few months back and received many "no it won't work" and some "yes it will work". One poster claimed that some OEM '89 wheels will clear the C5 brake upgrade while others will not depending on the casting numbers found on the wheels, but no casting #'s were posted? I still don't know if the C5 brake upgrade will work with my '89 OEM wheels.
Please keep us posted as to what you have done to upgrade to C5 brakes with those '89 OEM wheels. I'm still waiting to do this ~ if I don't have to upgrade my OEM wheels as well!
I've got the C5 upgrade and 88/89 rims in my '91. You'll have to grind a little off from the cooling fins/ribs/(or whatever they might be in English). What I mean is that the inner diameter of those 88/89 rims won't have enough clearance without grinding a little material from the brake calibers.
You probably will also need to use some thin spacers (0.1 - 0.2 inches) to have clearance 'sideways'.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
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