Usually a 32x11.50x15 was the old-school fave. With a little extra trimming, the right wheel choice, and maybe even with the flares moved up a bit (probably not necessary though) you can fit 33x12.50/15's without much drama.
In metric 16's, I bet a 265/75/16 would be a sweet fit. Approx. the same height as a "tall" 33" tire, but comes in at a bit narrower, like 11.50 equivalent maybe? Good size.
No matter which one of those you use, you will almost always hit the radius arms when making sharp turns. This is not really a dangerous issue or anything horrible. Just makes a bad noise, rubs some paint (or rust) off of the arms, and loses you a few inches of turning prowess.
I hate losing that little turning advantage, but the larger tires have more benefits than detractors in my book.
Hope that helps. That's just my leanings though. I'm sure others will chime in with their personal experiences and preferences. Maybe with pics to help make the decision.
Paul