I know it's been done by lots of guys, but I just wanted to note that it is a worthwhile thing to do putting LT215/85R 16" tires on my 51 half ton. Set me back about $412.00 at the Goodyear dealer. Clearance is not an issue, there were no problems switching to tubeless tires (they had the bigger tubeless stems like trailer wheels use).
Ride is about the same, steering effort is very slightly slower, but not more physically demanding. Seems to have added about 4 - 5 mph to my comfortable top cruising speed.
They were concerned a little about the 5" wide rims, and explained that the tires may wear on the outside edges prematurely. When I said that I put 800 to 1,200 miles per year on it and never will go over 60 mph, they just laughed and mounted the tires.
Yes, I know, the speedometer will be inaccurate, I've asked that question in another thread on this forum. If you're thinking about doing this, and the $$$ aren't a problem, go for it.