I have a '97 Thunderbird sport which originally had the 16" sport wheels with the center caps with the 4 holes/exposed lug nuts. That, in my opinion, is a FUGLY look.
FYI - FUGLY=f**king ugly, LOL!
Shortly after I bought the car, I put a set of wheels on it that were originally standard on the 1999 Taurus SHO (I had previously used them on a 2004 Mercury Sable I used to own). Those are, in my opinion, nice looking wheels. They have a brushed finish to them, with silver sparkle paint in the pockets; there was a version with charcoal paint on the pockets used on the 2003 Taurus with the 100 year anniversary package that I thought would look really nice with my Pearl White paint, but those weren't the wheels I had, unfortunately. However, the offset of the Taurus wheels is different from the T-Bird wheels, and they didn't look "right" on the rear of the car - they looked like they were too far into the wheel wells. I wish I could've figured out a safe way to make the rear wheels stick outward maybe another ½-1", because I'd have kept that style wheel on there (on the front of the car, the Taurus wheels looked perfectly fine).
But, I didn't like how the rears looked, so in 2012 I ordered a set of reconditioned '94-'95 Thunderbird SC wheels, with the notch in the wheel for the center caps, and I put those on my car, along with the flat, press on center caps that completely hide the lug nuts. That, I think is a much better look than the center caps that expose the lug nuts.
I'm not at home right now (I drive a tractor-trailer for a living, and I'm in Kansas, at the moment), but when I get home, I can post a couple of pictures of the wheels so you can see them.
By the way, hello from a fellow Arizona T-Bird owner!