I struggled with this same dilemma, not for a 5r but just towing in general. I opted for slightly larger tires (245 vs 285) but didn't lift it because I would have had to get much bigger tires to look good that would have had a disastrous affect of the final drive considering 3:73 rear end and 305+ tire size.
I suggest looking around on some of the diesel forums. I found a lot of discussions that swayed me on those sites.
The 40 year old me had to remind the 20 year old me that I had a duramax for a reason, towing trailers -- and that at 40 I could never be as cool as I was at 20