I have fiberglass fenders, but most steel fenders could be mounted the same way. I used stainless steel carriage bolts through the sidewalls to mount the fenders.
First, I made a template out of 3/4" mdf to locate the drill holes in the fenders and in the sidewalls.
After drilling the holes and painting the bolts, I inserted the carriage bolts through the sidewalls.
I don't have any pictures of it, but I used rubber fender welting between the fenders and the sidewalls. The welting is held in place by friction, but to help hold the welting temporarily to the fenders I used weatherstripping adhesive. Then I mounted the fenders using a little loctite on the threads and nylock nuts. The carriage bolts were a little too long, so I cut off the excess length beyond the nuts.
As far as clearance, I have about 3/4" on both sides (measured from the bulge of the sidewall, not the tread) and about 2-1/2" from the top of the tread to the bottom of the fender.
Good luck with your project! Take care,
Tom