Obviously Toyo feels a conversion needs to be done

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It doesn't make much sense on the surface - I think the idea is somehow if you have say 2K load rating on a P-metric you'd need 2.5K on an LT, i.e. P-metrics can run at a lower load rating in the same application. That's probably what is wrong in my math as it is implied in the conversion. Would seem to make more sense to just properly state the load ratings
Having said that, a few things are clear to me:
- Load rating does not drop proportionately with PSI, it is on a curve, and cutting PSI in half from max only reduces load rating by about a third (at least on the 35");
- Tall and skinny comes with a drawback - you will have to run higher PSI's and per the disclaimer, this may make the transition from P-Metric to LT-Metric an unfavorable decision for some;
- If I can get a 2,500 lb load rating on 35 PSI and I've kept my rig light, I have nearly 50% headroom when my rig is heavily loaded, so I don't think I'm flirting with disaster. 30 is getting low, the factory at 32 is pretty good.
No 50 PSI in my future, Trxus MT's are not a flat tread like Toyos. At 50 PSI, I think I would be running on about 6" of crowned center tread given at 30 PSI the outer 3/4" of the outer lugs doesn't touch. I've had them at 45 PSI on two different rigs, and it is ugly.
The Toyos are very well designed for typical 80 series use, which is why they are so popular. It's nice to have this chart so that people can actually read a manufacturer recommendation on air pressure that directly applies to their rig. Like I said, I'm not saying go low by any means, you simply don't automatically need high PSI - from a skinny 33's to a huge 40", there is no one size fits all rule.
But I'll agree, Toyo wants those higher PSI for those 33's, and I wouldn't ignore that.