I personally would not run 12.5's on a 15X7 wheel, unless it was offroad only. I'm running 33x12.5's on 15X8 wheels and it is nice, but I wouldnt go narrower in that it sees 30 miles of pavment everyday.
And with regearing, I don't knwo how much differant the power would be with a 2.9, being that I've never driven one, but my 4.0L handles 33's on 3.73 just fine. Yes, it is alittle slower, and yes 4.10's, or even 4.56's would be nice, but so would 500 bucks to buy the things!! That and I get better highway milage with the 33's than I did the stock tires, and that is what all my miles are, so I see no reason to gear down other than offroad.
I'd say drive it with the larger tires and see how you like it, then decide on regearing if you see fit.