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Smaller wheels often help, the craze for 20, then 22, then 24" wheels was terrible for performance in almost all aspects, economy, acceleration, ride, braking. Maybe handling could be benefited but probably not because they would losen up the rest of the suspension so the ride wouldn't kill you. Usually a low profile tire with a big diameter wheel will weigh more than a high profile tire and small diameter wheel that has the same overall outside diameter.
Smaller overall could help but as pointed out will raise rpm at equal speed. Smaller would lower the truck and reduce frontal aera. Some 2wd guys will run the smaller tire on just the front lowering the front end. Overall that wouldn't change the frontal aera and a lower airdam would have the same effect.
Overall I doubt the difference in a 205/75 vs a 205/70 would even be detectible. It looks like the 70 series less per tire and has low rolling resistance versions available which could be noticible.
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