8" rims are always better than 10" rims when using 12.50 radials. Better bead seating; better sidewall buldge; better road manners since, with an 8" rim, the sidewall won't so easily flex inside the bead plane under hard cornering. About the only instance 10" rims would be better would be flotation for sand travel.
I've used 12.50 tires for two decades now and have always used 8" to 8.5" rims.
As for fender clearance with 33s on stock K20 springs, the main area of concern is the bottom of the front fenders next to the bumper. The front fender "cup", as it's often called here. A little trimming there solves any rubbing issues for most wheelers. Maybe not for extreme wheelers, but they run lift springs anyway.
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'71 GMC K20 Suburban, '71 GMC K10 Suburban, '72 Chevy C10 CST Suburban, '72 Chevy K20 clunker pickup.
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