The higher the number, the less they'll stick out. The stock backspacing is 5.something.
I'm running series 51 15x8, 6 lug on 5.5" pattern with
3.5"BS rockcrawler wheels from 4wheelparts.com
They stick out a bit - but I think they look cool - and they help keep you off of stuff while offroad... though they do throw mud and rocks up onto the vehicle MUCH more when they stick out like this.

So - to answer your question directly, if anything, 4.75" might not be sticking out *enough* - since the tire is 2" wider than stock you've got to make sure it won't rub on the frame. I think it'll work, though. Anything between 4.75 and 3.5" will probably be just fine.
Keep in mind that you will still need to trim the fenders behind the front tires. One of our club members with an '01 just upgraded last week to the exact same lift and tire combination you're talking about and he had to cut into the metal (not just the plastic) behind the front tires to stop them from rubbing when the steering was turned all the way. It's no big deal - we've all done it... but just to prepare you...
(FYI, my setup in the pics is with no suspension lift, a 3" body lift, and 32" BFG MTs)