Yes, there is some adjustment built into the fender mounting points. I just went through this on my '92. On mine, I loosened the lower mounting points only and slid the fender downward, which pulled the middle of the fender inwards a little and that was enough adjustment for mine to line up. Everyone's is different, though. You'll have to mess with it until you get it where you want it.
'92GT, 427" and '93 "LXVO" coupe