A 12.5 equals 317.5mm and the going minimum for the 315/70-17 is 8.5 inch wide rim, well at least discount tire won't mount the 315s on anything smaller than 8.5.
I run 35X12.5X17 Toyo MT's on stockers, which are 7.5 wide. I have pulled a 12,000lb trailer with them and had no problems. You would be better off with a 8.5-10 inch wide wheel, you'll get better wear on both tread, and sidewall life.
i run a 14" wide tire on an 8" wide wheel...running the tire at 8 psi or less and i havent popped the bead off yet...this is on a gasser though...you should be fine w/ the 8.5:thumbsup
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