A buddy of mine is running 32's on his '86 Runner with EFI, and he does o.k. If you aren't planning on a gear change any time soon, and just want bigger tires, to help with the power loss, you could run a header/highflow cat, and upgrade the ignition and cam.

If you are going to gop with a BL first I would recommend going with only a 2". With a 2" BL 32's clear w/o rubbing, and you can clear 33's with a little rubbing. 2" BL's also look cleaner IMO, and are easier to install. The '86 I am selling has 33x12.50's onn 8" rims with a 2" BL. Since it is a truck I haven't noticed that much power loss(though haven't been on the open highway with it.