Yes you are correct in subtracting the spacer width from the offset--it's going to push the wheels out farther, which is effectively a lower offset number.
Keep in mind too that with the wider wheels (10" vs 8") the offset is measured from the centerline of the wheels--so those are going to have an extra inch on each side of the mounting surface.
Hopefully someone else can chime in on the potential clearance with the fenders.
Keep in mind too that with the wider wheels (10" vs 8") the offset is measured from the centerline of the wheels--so those are going to have an extra inch on each side of the mounting surface.
Hopefully someone else can chime in on the potential clearance with the fenders.