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I can tell you that alot of people are running 12.5" wide tires on the OEM 7.5" rims...not to be a lemming or anything, but it does seem to work pretty well
about the only negative aspect I can think of is that a 12.5" wide tire on narrow rims will not have as wide a footprint...take that 12.5" tire on a 9" wide rim and it will be significantly wider
with my OEM 15" rims on the Bronco, I was 1/2" past the recommended width and the tires were just fine. I did alot of pretty hardcore 4x4 with them and never had an issue.
I can see the footprint being narrower since the rubber that meets the rim is 'pulled in' and this would have an effect on the rest of the tire. I'd think lowering the pressure a little would give back some of the footprint. I picked up a set of Destinations this morning. I got them used with well under 10 000km wear(manufacture date is 4308 and the tires look almost new). The minimum recommended wheel width for the tires is 8.0" and the section width is 11" I believe. With a levelling kit this setup should look decent. I don't do any offroading, it's cosmetic only lol. I just hope they aren't too loud!