a new 2005 silverado in my trim only gets 13 city and 16 highway, with the cam and 350k miles without a rebuild it does 10 city and 13-14 highway. there's more to 33 inch rubber than just size, they're not just 33 inch street tires. I live in a swamp and have rubber to match, and with that soft knobby rubber comes increased rolling resistance, and it sitting higher causes aerodynamic problems.
I still get 15 highway if I really baby it, but what fun is that? I don't throw a bunch of speed parts at a motor to putt around at 55.
Well I built a truck for a customer at work, '82 F150 like mine but long wheel base work truck dropped a 5.0 Coyote out of a wrecked 2012 Mustang. Also threw in a overdrive transmission with the stock 3.55:1 gears out back. Sure we lowered his truck at his request to prevent the truck lifting up under acceleration. Was a bad mistake as stepping on the throttle causes the truck to rock back and forth due to the drop beams in the front. The stiffer shocks we installed few months ago helped but not all the way. Anyways that fuel injected 430 HP engine in this body style of truck which has horrible aerodynamics was putting down 17 MPG city. Your 4.8L doesn't put out that kind of power and the gear ratio you have reduces the amount of work your engine/transmission has to do with your taller tires so the fuel consumption with the taller tires is negated by the lower gearing. Your claim of soft knobby rubber tires increasing rolling resistance, no offroad tire ive seen had a soft rubber compound that is used for race cars as soft rubber compound bites concrete and asphalt better. Your tires will be just like my BFG 31x10.50-15`s on my truck which is going to be around a 4 ply Kevlar based tire that has a fairly stout rubber compound.
In the end if you are getting that horrible of gas mileage you might as well get a old carbed truck and go with that cause youd get better gas mileage than you are getting now. Which is odd cause these LS based engines get pretty damn good fuel economy. The 2012 my dad has is equipped with the 4.8L and the dash display shows an average between city and highway driving is right around 18 mpg. We drive it quite a bit out of town on the highway doing 80 - 90 mph so that's why I find it extremely hard to believe that your truck is getting 10 mpg city when most carbed muscle cars were getting 12 mpg city.