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Well, you have the same question I've been asking myself and here's what I've found so far:
P305/50-R20's are $823.00 installed at Discount Tire.
They may require the DayStar 2.5" lift since they are 12" wide tires.
To answer your width question, yes they are wider(and only 0.6" shorter than the stock: 32.61 vs. 32.01 so you won't lose any height.
By comparison, if you had chosen to go with the LT305/55-R20 size,
you'd gain a little height, but the price jumps to : $1375.00 installed!
I guess in this case the choice is clear.
BTW, TisTAN is right, make sure your offset is not too far away from the stock +25mm
or you could just have them put one on to see if it's right for your truck.
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2004 Titan SE CC 4X2, Built 11-15-2003
Purchased 12-12-03
Galaxy Black, Popular SE pkg, Capt. chairs/gated shifter, Factory Fog lights, UtiliTrac/Bedliner pkg, PRG Leveling Kit Front and Rear
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