I'd look for a different tyre shop, I'm running 235/85r16's on 16x5.5 rims, albeit they are ANR4636 rims, I think off an early 110? Haven't had a problem at all.. only issue you could have is when you let the tubes down, you could be more prone to rolling a bead off the rim?
Sorry I can't help you with the wheel stud problem, I seem to remember needing to use later wheel nuts on Series' if you ran a later wheel? (ie. Wolf rim)
Another option is to keep an eye out for second hand 7.50x16 tyres, you can usually find people selling off near new tyres off 79 series Landcruisers for next to nothing as they go for the bigger upgrade
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