I would look at the load rating of the tires. I've only seen the BFG KO2 in a C-rated tire in that size, however there are some D-rated options to look at before you get into the E-rated tires. FWIW, there appears to be almost twice as many D-rated load range options with a 17" wheel than with a 16" wheel.
That said, I don't see any 315/75R17 options, only 315/70R17, so if you went with the bigger wheel, you'd be getting a slightly smaller tire in that sizing. You gave a very specific size, so do you have a tire picked out at this point, or just the basic size (~35x12.5)?