265/75/16 are

265mm * .75 = 198mm = 7.8"

16" + 7.8" + 7.8" = 31.6" tall (ie a 32" tire)

These tires will not fit in a wheel well design for 31". Having said that, the 3rd Gen can fit these pretty easily and they are a good compromise between being a plus one size for offroad and not giving up much on the street. If you have 265/70/16 currently, you have what is considered a 31". After correcting for speedometer error, I didn't loose much mileage (maybe 1mpg) going to 32's. With 33's I seem to have lost another 1 or 2mpg.

Lars,
Gold Coast Cruisers |My 4Runner