The problem with calculating using nominal tire size is that nominal tire sizes are, well, nominal. They can be bigger or smaller than their nominal sizes enough to make a difference in calculation (IOW, not all 265/75/16 tires are exactly 31.64" tall.)
So the best way to judge MPG is to find a known, measured distance and compare the known distance to what the odometer shows. The easy way to do this is to just use a GPS. Most GPS units have a trip meter. Set the trip meter on the GPS to 0 and set the trip meter on the 4runner to 0. Drive a certain distance, say 10 miles, and then compare the two distances, that will show you what your correction factor is.
Using this method on a long trip (about 250 miles) I calculated my speedo/odo error at 3.2% (using 265/75/16's vs the stock 265/70/16s.) So, when I fill the tank, I take the miles shown on the trip meter (which I reset each time I fill the tank) and multiply by 1.032. That give me my actual miles driven, then I divide that by the amount of gas I put in and voila - correct MPG!