The good news is that as long as the car is moving forward, the tire will push the fender/chrome out of the way, should it make contact.
The bad news is it will be pretty ugly if the wheel shifts forward when you are backing up, it will tend to pull the chrome into the wheel and that will trash the chrome trim. Be very careful backing up.

Personally, I would see if I could get that extra 1/4" of clearance. Move the fender forward, or trim or bend the bottom corner for the extra clearance. Gene