lots of people run this setup as you can see.
here's my original setup. 2" suspension lift with 33x10.5 and stock wheels. this setup worked well with the narrow 10.5" width. they only rubbed the rearward side of the splash guards at full steering lock. this could be prevented if you cut a square out of the splash guard at the area where they rub. i never rubbed the body at all with these tires, but it's not like i was doing any serious rock crawling, just beach and trail riding. i'd choose 33x10.5 over 32x11.5 with only a 2" lift.
this is when i went down to more appropriate sized tires for a 2" lift. 31x10.5 and stock wheels. this is how my truck looks currently. i want to go back to 33's, but not until i put a taller lift on my truck. not rubbing is awesome.