You need the correct backspace then yes that tire will clear.
Speedometer will be off about 10% and mileage will drop to around 15 city 20 highway.
My 2008 Z85 sits on 265/75-16 (essentially the size you want) but with aftermarket wheels. My wheels are 8.5" wide with around 5.2" backspace.
I don't know my total front lift, but I have 1.5" shackles in the rear and the truck sits level.
Let us know what the wheel width, and the offset or backspace is and we'll help you out more.