I've had 265/70 BFG AT, 265/75 BFG AT, 255/85 Cooper ST, and am now on 235/85 BFG AT on my 2004 Tacoma ext cab. I loved the 255/85's for wheeling purposes but they were just too big (a for real 33") without regearing the taco for around town and the more MT style tread was bad in the snow of santa fe, NM. So when it was time to replace those I debated about going to 265/75's in the BFG AT's again or down to the 235/85s. The 235/85's are actually slightly taller than the 265/75's in practice and even with a 2-2.5 inch lift and upper control arms the 265/75's would barely just barely rub the frame at full lock + stuff. I know this because there was always a very slight shiny spot on the frame, it wasn't enough to feel when driving or wheeling but it clearly was happening. Long story short - I like the 235/75's more than the 265/75s for intangible reasons. I never had any problems with the 265/75's in the snow in salt lake city, but I feel slightly more comfortable driving with the 235/85's for whatever reason.
The milage difference or on-road behavior is a moot point, I bet you'd never be able to tell a difference in a blind test, both are great. I do think the 235's -look- slightly better on my taco, they sit within the fender wells just a little bit better. A couple times a year the truck ends up in true sandy washes as part of some desert dirtbiking trips - the mojave trail is one of those destinations. 95% of the time I don't even have to air down with the 235's and I never did with the 265's either. 4wd + 4low and a locker is all that is needed to keep the truck going, so I don't think the additional floatation is all that different either, though clearly there would be more if push came to shove with the 265/75. i pull my 1,500lb jumping jack with dirtbikes on top up the sandy washes without even thinking twice - put it in 4-low, 3rd gear manual and just chug on up. I've even pulled RV's and a portapotti flatbed truck up/down a wash without bothering to air down or apply the locker... figuring i'd air down only if necessary and it simply hasn't happened.
Long story short - I doubt you'll really notice a performance difference with either one on the road or in 95? % of all offroad situations unless you're truly rock crawling or in sand that will bury you up to the frame rails. In the snow I like the 235's but its mostly mental, the 265's never failed me either... Go for something different and try the 235's, if you don't like them in 50k miles you can go back to 265's, its not like you're going to absolutely hate either one vs the other!