When I first put my '59 Bel Air back on the road after a 33 year hiatus, I borrowed the wheels and tires from my Corvair. They bolted right up but were 10-15% undersize as far as outside diameter IIRC. I can say that WOW, throttle response from the 283/powerglide combo was MUCH enhanced! (The lowness looked pretty cool too!)
I subsequently fitted tires that were oversized, effectively killing vigorous throttle response in exchange for a nice, easy, low rpm cruise.
So if OP wants an affordable, easily reversible "gear down" for towing power I would sure think it would work.