Totally agree with Maxx, the stockers are 34.4in tall, and 12.4in wide... Although you logic is mostly correct, there are a lot of unknowns you aren't factoring....
The biggest being the front and rear tangents of the tire. When under normal driving conditions the entire tire is not in the wheel well, but with a slight bump the tire goes up filling the wheel well more and it hits the bumper as well as the front of the fire wall. Due to the articulation and compression of the suspension we have seen as much as driving over a curb make this happen during our testing.
Under full compression the .5in wider out board that you are referring to, will in fact impact the gray fender flare under full articulation, with enough force to severely damage it and your fender.
The .5 inch on the inside and out actually makes a huge difference in turning. When turned all the to lock the tire will grab the inner fender liner... when driving forward the tires rotate in such a way, that it will grab the liner and rip it out. Once you do this, you expose the fire wall and a seam weld for the cab. IF not taken care of you will shred the tires under turning and suspension compression.
With all that said, we have Toyo MT 37's on our trucks and are currently working on a lessons learned as well as a "Here you go if you want to try it" guide.
This is a learning experience for us, and I am sure we will find more must do's on our adventure.
Not trying to scare you, just trying to give you a heads up.