I think if you regeared it would be fine (IF you could find a set of 5.38's for the front), but you would really have to drive smart on the trail to keep from destroying the front end. heavy duty tie-rods would be a must.

aluminum wheels and a radial tire would keep the rotating mass down. I wonder what the difference in weight would be between a 33" bias tsl on a steel wheel and say a 37" mtr on an aluminun wheel?

and if you did it right you would have the same amount of articulation as with a smaller tire, but this way you would have more ground clearance.

the only thing you couldn't cut or 'move' that might interfere would be the frame.

not saying it's the best idea, but it's your rig and you will learn from it whether the outcome is good or bad.