1.) go for the bigger tire and wheel. It will increase your final drive ratio. So you car will claim its going slower than it actually is. So at 3000 rpm you will be going slightly faster than you would with the 14 inch tires.
2.) safer
3.) the higher pressure will allow better FE due to less rolling resistance and it will be more constant and not risk blowing a tire because it gets low(safety again) but also if it has constant pressure its more RR and FE frinedly
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