The other plus for a small rim/big tire is that it gains more traction from airing down. Conversely, it's going to corner worse on pavement (but that really shouldn't be a concern on an FJ40 or FJ55).
Another thing to consider is rim width vs. tire width. Narrower rims will hold onto the tire better when you air down, and there'll be more rubber sticking out, keeping rocks off of your wheels/hubs.
Yet another factor (for anything older than an 80-series/the first IFS trucks/4runners) is backspacing and wheel availability in that backspacing.
Long story short, you need ~3.5" or less for the older 6-lug Toyotas to keep from rubbing steering components and brake calipers, with a little wiggle room for bigger wheels. I think some 16 and 17 inch wheels can work with as much as 4.00" of backspacing, but it really depends on the design.
The problem is actually finding a wheel with less than say 4.5" of BS in 16/17/18 inch sizes. There are custom-backspaced steel wheels, but a lot of guys don't like how they look. Procomp also makes some small-backspaced wheels in various sizes, but they jump from 4" to 2.5", which is going to give a noticeably wider stance than stock wheels.
There are wheel spacers, but a lot of us don't like the idea of adding that extra potential point of failure, and if you can find wheels that actually fit, that's $100-150 you don't have to spend (for a set of good spacers that you wouldn't constantly be questioning the quality of).