One part in 590 is 0.16949%. Rolling diameter probably scales with static diameter, so overall gearing would be unaffected.
Frontal area would be reduced, but only between the tread and the rim, at the bottom. The contour of the tire at the rim (determined by the rim width) and the wheel cover will have as much, or more, effect. A narrower tire on the same width rim is headed in the right direction; a wider rim with the narrower tire and a M
oon disk is best.
The tire I mentioned is now the
FORMOZA AZ01 and no longer available in the size I got.