For some reason I can't edit my post, but I wanted to add that if you plan to wheel, I suppose it depends on what type of wheeling. Most overland stuff I think you could get away with a more appropriate tire and maybe sliders for good insurance (if there will be a lot of unavoidable boulders). I...
My half-serious advice is don't modify anything. There is no end to the modifications you can do. Each one will give you a temporary dopamine rush, but you will never be satisfied. I often think back fondly of my bone-stock, zero-options SR5 :(
I'm running 4.88's with 35" Toyo Open Country RT Trail (actual diameter 34.6"). I know you're seeking opinions from those with 34's, but I would highly recommend 4.88. I have a steel back bumper and aluminum front, and after taking out both rows of seats I'm about 150 lbs heavier than stock...
