On my '94 with stock suspension, 4x4, 4.0L, auto, 3.73.gears, and 15-inch stock deer hoofs (as shown above in 97rangerXLT's shot) I can run 31s with no issues as far as fitment. Current tires are Goodyear Wranglers (from way back, can't even remember when I bought them) P236/75R15s.
As Eric said, 27" isn't a big increase so your wheel wel is still gonna look a little sparse. And racsan is right about moving up to 15s. I would advise that as well when funds are available. Steelies aren't that expensive and can be made to look pretty good. But I know the feeling. I'm dying to put bigger tires on mine and I'm trying to reign in my impulse until I have the cash to do it right.
If you have any photoshop skills, take some shots with what you have and what you want and see what it looks like. If you want, I'd be happy to do that for you.