You'll have major rubbing and your truck will look like a lifted go-cart, but if you like that kind of thing give it a try.
If you go with 32 x 11.5's on stock rims you'll be a lot happier and there would be very little difference in mileage, if any. Remember, the mileage difference is mostly related to the weight of the tire and the amount of drag it creates from the contact patch. Whether you go wider or taller it's not going to make much difference.
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ChuckH
"Every morning when I wake up I know it's not going to get any better 'til I go back to sleep again!" Al Bundy