Andy
I fitted 265/70 macho's (not 75's) on my v8 disco, and noticed quite a drop in performance. I think it is more to do with messing up the final gearing and thus the change points in the auto box being wrong, if that makes sense. Either way, if I had known it would make that much difference I wouldn't have put them on. Also....... the steering lock is greatly reduced on the standard wheels. My vac ignition advance is knackered at the moment, so it is a bit sluggish (megajolt on the way to sort that), but even so I struggle to maintain 70-75 on any incline on the motorway.
235/85's will have 5% or so less contact area, and thus rolling resistance, but will also hav greater diameter.
When I next change tyres I have decided on 235/85's in a less aggressive tread pattern on replacement wheels with a greater offset to keep a reasonable turning circle.
Hope that helps
Damon