I've got 235/85/16 BFG KO2s on my 62 now, They measure 31" high exactly. Don't think I'll ever run an MT again. I really loved that exact same tire on my 97 4R, never had a traction or clearance issue, and the BFG's just seem to wear really well. I have 235's on my F250 as well. The only negative I can think of is they're usually E rated as opposed to C, but thats a minor negative.
Can't make a apples to apples comment on the RPM since I still have the auto trans installed (although not for long), but I do think the H55 will make an improvement for me in 5th vs. the auto... right now I think my cruise RPM in 4th is a little low. I guess I'm saying that I think the combination of 3FE, H55, 235/85 and 4.11 should be pretty sweet. But I know others have reported that elsewhere on Mud.
One other minor benefit of the skinnier tire is the spare just takes up less space... if it's inside, bonus. If it's underneath, bonus.
Lastly (but lets be real, most importantly

) I think the side profile of the 235 is about as perfect as possible with this truck - looks a lot better than the 31/10.50/15 I had for the last 5 years. Not gonna clog your thread w a pic of my truck with 235's, but it's
>here<.