Another thought about 16 inch rims is the greater load capacity. You can get 235/85R16 (~32"tall) in an E-range. Also (usually) means more plies in the tread & sidewall. Like 65swb45 said, 16" tire are cheaper!
Wider tire will be best (forget looks or stance for a moment) in DEEP sand, or BOTTOMLESS snow and mud where you want flotation (BUT, you need 300+ hp to spin those treads). Unless you've got a healthy V8, your cruiser will never be a tire-spinning monster. Just about the only place where SUPER-WIDE treads and 2F / 3B power will live in harmony is slow speed crawling with super-low gears.
Narrower tires will be better for shallow mud (where you want to cut to the bottom), compact snow, or most moderate/all-round (and I don't mead all-terrain tires) conditions. Smaller tire footprint means higher contact pressure. If these treads are going on your fishing/hunting rig, I assume it'll see a wide variety of terrain (and not so much 4psi, extreme crawling). Skinnies will also be easier to turn (a big issue for those of us still w/o power steering).
Sorry, can't comment on power loss with the bigger tires; my 3B handled the 31x11.5's (4.11 gears), but the engine didn't have to work as hard with the (I know, they're small!) 235/75R15's. I'm not going to mess with regearing 'till I can do everything at once. 34/35's at the same time as 4.88's!!!
Have a safe tour overseas, good luck with tire shopping when you get back.
Cheers,
Steve
btw, Landpimp, your green rig looks classy! You should be proud.
Your truck gets me stoked to finish up my restoration!!!