TRA and LT tire makers like Nitto say;
Original Tire: P265/75R16 114
Replacement Tire: LT265/75R16 Load Range 'C'
Warning!
Please note that size-for-size, LT-metric tires require higher air pressures to carry equivalent loads of P-metric tires, and that any failure to adjust air pressures to achieve the vehicle’s load requirement will result in tire fatigue and eventual tire failure due to excessive heat build-up. Due to the higher PSI
requirements of LT-metric tires, they may not be suitable for replacing O.E. P-metric tires because of the ride harshness that results from higher PSI requirements.
Load Comparison Example, P vs. LT:
P265/75R16 114 Max Load = 2,601 lbs @ 35 PSI
In order to carry the equivalent load, a LT265/75R16 Load Range C must be inflated to 50 PSI. Using this
example, even LT265/75R16 Load Range D, or E must be inflated to 50 PSI to carry the P-metric load at
35 PSI. LT tires do not offer any benefits of being "heavy duty" when under-inflated."
As CapriRacer mentions your lowest pressure for the LT will be at around 50 psi. A LT with only 40 psi and carrying a load isn't the best idea.