i think we are talking about long term wear and tear, not just being able to tow something.....
It will put more stress on the drive train, the brakes, and the suspension joints. It's easy to understand why.
With bigger diameter tires, it takes greater torque at the wheels to generate the same acceleration. Unless you drive more gently with a lifted truck than with a stock truck, you will have more stress on the axles, CV joints, differential, u-joints, transmission, torque converter, and engine. If you change the axle gear ratio, you can end up with no change in the stress on the u-joints, transmission, torque converter, and engine, but this won't have any effect on the axles and CV joints.
With bigger diameter tires, it takes greater torque at the wheels to generate the same deceleration. The brakes have to absorb the same amount of energy, but they have to use higher hydraulic pressure and greater force of the pads against the disks and shoes against the drums to do so. This means the maximum braking force possible is reduced.
With bigger diameter tires, the center of mass is higher off the ground. With a lift, it's higher still. This means that a greater percentage of the braking is performed by the front brakes as compared to the rear brakes, because the higher center of mass means a greater transfer of weight to the front wheels during braking. This reduces steering stability during braking and increases the tendency of the rear wheels to break loose.
With bigger diameter tires, there is greater stress on the ball joints during cornering. The centrifugal force of cornering causes the tires to exert a bending moment on the ball joints. That bending moment is higher if the diameter of the tires is higher. The same is true for the pivot joints of the upper and lower control arm.
There are good reasons why race cars are low to the ground. Everyone obeys the laws of physics. The point is that the price of lifting a truck and putting on big tires is greater than the money that comes out of your wallet.
