Two subjects here, gotta keep separated. First, Terry wh doesn't have any cheap answers if he holds to his desire to use the stock hub caps. If he drops that, any junk yard 16" F-250 single wheel 1948-1996 will fit the bolt pattern and clear the truck's 12" rear drums. The best option to retain the hub caps would be the K-H 16" wheels I listed, but they are hard to find. As for the 17.5" tires, they will be more than Walmart 16s no question, but a lot less than 19.5s.
Your truck, as I said, is a 5 Star Extra. That is again seen in the padded door trim, and cigar lighter, in addition to the stainless windshield trim. But it has a base level (no lock) glove box door which raises concern that the data plate that mounts inside might not match the frame number. That would matter to your DMV. I checked the old FTE discussion and have the VIN you posted showing an HM (Highland Park, MI) build location like most Marmon-Herringtons, so you might verify the frame number and data plates match. It also was originally the Woodsmoke Gray color, not red. Stu