Uhm, I hate to burst your bubble; but a 275/70R17 is a hair over 32" tall. I'm running 285/70R17's which is a hair under 33's. So are you asking if 32/33's are worth it or 35's? I would say the 32/33" tires are an easy upgrade (stock is like 31.5") worth doing if you can fit them comfortably. I plan on my next set of wheels & tires being setup for 35's tires, but I still need to do a 1.5" body lift. body mount modification, and some trimming and tucking to make them fit fine with flexing and such.
But if are going to off-road your rig and plan on setting it up with a quality lift, skids, bumper, ect. 34 or 35's wouldn't be a bad idea. Keep in mind that the only thing that really gives you more overall clearance is tire height, everything else is a compromise (i.e. go beyond a 3" suspension lift and you need a diff drop bracket usually, even at 3" your LCA are still roughly the same height from the ground, ect.)
There's also the whole bigger, heavier tires do munch up the gas a bit more and you'll need to correct the speedometer (I made a thread on one way to do that.) There's also the fact that if you're going for 35's you're probably going for a more aggressive tread pattern, which usually mean more road noise, it may feel a bit stiffer (depending on what type of tire and pressure you run) and there's a lot of prep to fit 35's a J120/J150 platform. I would say 35's are about the maximum you can run on a 4th/5th gen 4Runner without starting to get into serious mods like bracket lifts, custom work, ect. 34's seem to be a good number for many and I love the way my 4Runner runs with 33" Nitto Terra Grappler LTs.
That makes me feel better, I didn't notice a significant loss in acceleration and grunt going to 33's, but I was worried that the V8 might chug a bit on the 35's (I know the V6's tend to get very sluggish feeling without regearing at that size.)