I'm considering replacing all my tires with a set of slightly higher ones — installing 205/60R16 instead of 205/55R16. My incentive is mostly availability of the particular model of tire I'm interested in, but gaining about 0.4" in clearance would also be quite practical. Apocryphal reports indicate that this size of tire will not scrape in the wheel wells.
About.com mentions that Your speedometer, odometer, traction control, torque and gearing settings are all based on the distance that your tire travels over one complete revolution.
This will be about a 3% change in overall radius (10mm added to about 310mm). So 60 on the speedometer will be 62 in real life (actually probably more like 63-64 since my speedometer already reads slow). This does not concern me.
Otherwise, is this a safe modification? How will this affect traction control, torque, and gearing settings?
Is it possible for mechanics to recalibrate those systems to use a different size of tire?