II'd love to hear from [MENTION=2798]JB.[/MENTION] on the topic
Load capacity is simply a function of size and psi within tire type, and there's probably less precision involved than you may assume.
The basic message is that LTs carry less load than a P type tire with the same dimensions and psi.
The question then becomes what, if anything, should be done with that information.
Tires can be run at a lot of different pressures for a lot of different reasons, but there are two widely referenced target road pressures that each have legitimacy but are quite far apart from each other, making everything look confusing when the two PSIs are compared to each other. They are:
(1) Tire pressure based on load capacity as listed in load tables. It's a roll your own pressure calculation based on the gross weight (or GAWR) of vehicle the tire is being used on. If no load reserve is added, it results in a much lower psi number than the one produced by the below.
(2) Tire pressure specified by the vehicle engineers for a specific tire/vehicle combo (or the load reserve equivalent for a different tire). It varies from vehicle to vehicle and includes many different considerations but it always involves, especially these days, a lot of load reserve, and part of the reason for a lot of load reserve comes from what has been learned about statistical tire safety in the years since Ford/Firestone.
The 46psi you referenced is mostly based on making sure there is no reduction in load reserve compared to the stock P-metric tire. I suspect and would be willing to bet that the pressure is more a response to the regulatory environment than it is a new number worked up from scratch by Toyota vehicle engineers. Since the LT tire now has as much load reserve as the stock P type tire and needs extra pressure in order to have it, the result is a psi number that is much higher than one would get simply calculating from a load table. Same thing with the stock P-metric tire but people rarely consult a load table for those. The industry standard for minimum tire load reserve (using GVWR or GAWR) seems to be 15%. Most cars and trucks are comfortably higher than that. The 4Runner is one of the highest which only makes the difference between (1) and (2) bigger. Long ago, I made a chart showing that in
this thread.
What pressure Toyota vehicle engineers would choose if 4Runners were designed exclusively with LT265/70/17 tires would make for an interesting question. If I'm allowed to speculate, I suspect it would fall somewhere between 35 and 40psi.
There is no perfect answer for correct air pressure but for anyone who's not a tire nerd and wants a simple, single answer, (2) is a better place to start than (1).
I know the topic is convoluted. If I failed to address anything, please let me know.