We went from 275/70s to 11R-22.5s.
The 11Rs are the same height as the 295s, slightly skinnier so they fit our rims. 295s were too wide.
In our case I always felt we were over geared for the 275s, it just turned too many RPM at highway speeds.
With the 11Rs it's just about perfect. There hasn't been any downside - none.
Next year we'll be looking at tires again (age) and we'll definitely be doing the 11Rs again.
All that said, what engine/transmission combo are you running and what is your highway speeds RPM?
What we did may not be the best choice for you.