Stock GN wheel is 7" wide, 4" backspace.
For ANY size tire on the rear,
Going from 7" to 8.5 wide wheel,
1) inboard side of tire, moves OUTWARD 0.75" (= 1.5" ÷ 2).
2) outboard edge of tire, also moves OUTWARD 0.75" (= 1.5" ÷ 2).
Now, decrease backspace from stock 4" to 3.4 (rounding off),
3) inboard side of tire, moves OUTWARD another 0.6" (= 4" - 3.4").
4) outboard edge of tire, moves OUTWARD 0.6" (= 4" - 3.4").
Total movement of tire sidewalls relative to old wheel is:
5) inboard side of tire, moved TOTAL OUTWARD of #1 + #3 = 0.75 + 0.6 = 1.35" total.
6) outboard side of tire, moved TOTAL OUTWARD of #2 + #4 = 0.75 + 0.6 = 1.35" total.
From #5 you can see the Inboard clearance has INCREASED an additional 1.35". Thus, you could go to a Jumbo tire Section Width up to 2.7" (= 2 x 1.35) wider than original, and still maintain original inboard clearance.
Problem is more likely to be on outboard edge of tire. From #6, the *stock* tire's outside edge will move outward 1.35". This might be enough to snag the outer tire edge on the fender lip.
Add in the hypothetical Jumbo tire (2.7" wider SW), and the outboard edge will have moved outward a grand total nearly 3".
Long story short, may need airbag to keep rear suspension from bottoming out and ripping tire tread, possibly even on a stock tire but more likely so on a 275-60x15 rear tire.