Chevy Colorado Tire Sizes

Hey All,
Long time lurker, first time poster, so be gentle ;).
I just recently bought a base 04 Colorado LS z85 4x4. So far she's been ok, besides the defective rear shock absorber that squeaked like
a kicked puppy, but it was under warranty, so it doesn't bother me too much.
I have a question about tire sizes. The Colorado came with 235/75r15's. I noticed that if I would've bought the z71 package, the truck would have come with 265/70r15's. Those tires would give the truck more than 1.75" in height.
If I were to buy some offroads at this size (265/70r15), what would happen with the truck? How hard is to recalibrate the odom/speedometer for the new tire sizes? What about the effect on gas mileage? Is this totally not recommended to do?
I would really like to give the truck more height, and lifting it in the next year or so wouldn't be out of the question.
I would really like to hear more from Colorado/Canyon owners, as their doesn't seem to be a lot of info/feedback on them yet.
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to recalibrate the speedometer you should go here: http://614streets.com/drac.html
Tire size vs RPM go here: http://www.4lo.com /
The 265/70R15 is 29.6" diameter The 235/75R15 is 28.9" diameter
The larger diameter tires will have minimal effect on performance since they are slightly more than a 1/2" taller. The difference would be very similar to changing 3.08:1 gears for 3.07:1 gears. the speedometer will be off appoximately 2-3 mph at given road speed.
--
Mad-Dog
'79 Chevy K-10
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Oh my bad. That's right. I was thinking of the 265/75r15 that would give me the bigger difference in lift.
Thanks for your answer.
Is there any one out there that has done some customization to their Canyon/Colorado's? I would love to see some pictures.

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