I downsized from OEM 245/75-16 down to 235/65-16 to gain better handling from the shorter sidewall and lower the effective gear ratio (old hotrod trick). It made my speedo 8.75% off, which I printed out a conversion table for and keep on the visor. Mostly, I look at the GPS for accurate speed.
http://www.dakota-truck.net/CGI-BIN/TireCalc.cgi
That tire size change made my ABS more effective, although I'm not a fan of ABS. It may have been that lessening the unsprung weight had some effect as well.
Shorter tire, better stopping, peppier acceleration (I pull out in 2nd most of the time) were my benefits. If you are going for a taller tire than stock, expect the opposite result from what I described. (Very few cars keep up with me when I am first when the light turns green).
I have a 2000 3.0 4wd MO5D 4.10 ratio. That tire size change gave me an effective ratio of 4.46. And it's still great on the highway, you just have to factor in that the miles on the odometer for MPG calculation is almost 8% off (more miles indicated than actual).
The Ford dealer MIGHT be able to correct your speedometer, ask ADSM08. Depends on whether you put on a "stock" size that the PCM can use. There are also electronic correction devices, but they are about as pricy as what the dealer charges to reprogram it.
http://www.yellr.com/ordering.htm
http://www.dakotadigital.com/index....t_id=126/category_id=287/mode=prod/prd126.htm
Welcome to The Ranger Station!
I rarely take mine off road any more, but it does great in deep snow.
Tell us what your tire goal is and surely someone will have advice or experience. Just know that going taller than stock decreases performance. You would have to re-gear the front and rear axles to get the performance back. That's $1000+ for a shop to do.
If it's got a 3.0, no way should you go much bigger than stock, PARTICULARLY with an auto transmission. The 4.0 can take it because of its power and torque.