Tires: P245/75R16 vs LT265/75R16 Chevy Suburban?

BensMeister

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1997 k1500 Chevy Suburban OE is P245/75R16, but have been running Toyo All Terrain LT265/75R16 since purchased vehicle used. Dry rot has set in and I need to put on new tires ASAP. What should I go with that look good, is reliable, quiet, good on fuel, and won't put a college guy with 3 kids further in the poor house (buying or running them)? Should I put on 245s or stick with 265s?
 
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