No way is a 32" tire fitting on a stock 2wd Z85 without any rubbing concerns. That's the diameter o my 1.5" lifted 4x4. It barely fit when the truck was just level with stock rear height.
Discount tire should be able to test fit the tire for you to ensure it fits fine. The shop may also warn you that the wheels are narrow for a 235 width. I'm not sure if a 6" wide wheel is the approved width (without looking up the specific tire) for a 235/75-16 tire. My 4x4 Z85 comes standard with 6.5" wide wheels and I think the 2wd versions are more narrow. The manufacturer sticker located on the driver side door jamb will specify the wheel width of your truck.
A 235/75-16 sounds like a really big tire on a W/T model. Not saying it's not possible, but it doesn't sound right to me as that is the most basic of basic you get.
The 16" wheels came out in 2009 to fit the larger brakes.....I thought most of the trucks went to a 70 series tire with 16" wheels, keeping nearly the same diameter while offering a larger hole.
Z71's can't be compared to 2wd Z85, different wheel size, offset and fitment.