Although I like a 7-inch wheel for 255s, an 8-inch works fine (I used stock eights on my Rubicon TJ, and currently used 7.5-in. on my 4Runner). I would have suggested the 8-in. alloys that you sold to go with M55s over steel 7-inch wheels. As you probably know, alloy wheels usually require less weight to balance and the (one) set of M55s I had took more wheel weight than other heavy 255/85 tires I have owned (Maxxis Bighorn & Bravo AT are heavy as well).
Unless it frustrates you, 'over-thinking it' may not be the worst thing as most people only buy one set of tires every few years and it's hard to compare one tire to another years apart.
Comment on your "facts":
I agree about the 285s. As of this writing I have owned two sets, the current set on my F350 and a previous set of Toyo MTs that I tested on both an LJ and F350. The only reason I bought these two sets of 285s is because the tires were not available in 255/85.
265/75R16- a nice size tire, except that I really prefer a 33-in tire over a 32. If there is no 255/85 in the tread I want that leaves a 285/75 unless I'm willing to go shorter (currently I'm giving thought to a set of tires that are not offered in 255/85 so later I will have to choose between: 285/75, 265/75 or 235/85).
All of these 255/85 tires you mention (M55, ST, BFG MT) have strong and weak points. Because of their popularity and availability I think the BFG MT is an interesting option. I'm very curious to see how the new BFG KM2 rates compared to the current BFG MT when they are offered in 255/85 in the Fall. The current BFG KM are louder than the ST and M55, and if I remember correctly took a bit more weight to balance than my Maxxis Bighorns (the Bighorns weigh about 7-lbs more each).
Personally, I would not discount the difference in price. Not that having flats or replacing ripped tires is a fun option, it is probably unlikely to occur. If the Cooper STs are going to cost you $500.00 less for a set, you can probably buy 2-3 replacement tires "IF" you ruin some before you reach the original price of the M55s.
I was going to buy my Cooper STs mail order from
http://www.custom-wheels-car-rims.com/Tires.cfm
because they were so inexpensive and shipping to me was only $15.00 each. I found them locally for within $3.00 per tire after tax so I bought them locally. But the price was so reasonable in this day of $200.00+ tires that I thought it was stupid not to try them (I sold a set of slightly used Toyo MTs in 265/75 to finance the STs). I have yet to use the STs off-highway enough to judge them (only one easy trip to Death Valley). On-highway I love them except they are a bit noisy (as you have read). The only thing I don't care for, and I knew this before I bought them, was their appearance. The tread is much narrower than the sidewalls compared to most tires (just like the Dean SXT in 255/85). It makes the tire look even narrower and makes the sidewall a little more vulnerable when deflated aggressively.
The Look will likely be even better "flareless". If you make the truck narrower I think a narrower tire looks better/okay. This is one reason the Maxxis Bighorns and BFG MTs look better on my 06 4Runner, as the 06-up 4Runners have wider plastic fender flares and skinny Cooper STs get lost inside with wheel wells.
How's that for adding to the confusion ☺
ashooter said:
Redline,
You may not know it, but I have probably read and re-read every word you've written at this site about tires in the last year or so. I blame you for still having 265's on my truck!

ROFSheriffHL:
snip....
Do you have any more tips/suggestions to scramble my brain with?
?