I'm thinking about going with 235-40-18 on 18X8 +49 offset in front and 265-40-18 on 18X9.5 +68 offset in rear...will I rub with this setup? By the way, I'm dropped approx. 1.2" with Tein S-Tech springs...thanks. Can I even run 275-40-18's on 9.5" wheel?

 

I rubbed a 225/40/18 tire on a 18x8 +50 at stock height during agressive driving. You are dropped and have a bigger tires.
I think you'd be asking for trouble but i'm sure someone will come behind me like JsAP1 and tell you it'll work.

 

I'm running 17x8.5 +55 225/45/17, 1" drop and I rub a little with a hard cornering.
17x9.5 +68 255/40/17 rear, with no problems.

 

I think your wheels are fine but your tires are too tall and wide. I would say run 225/40R18 front and 265/35R18 rear and you are good to go.
If I can help with the tires let me know.