I'd love to see that..
The big issue with bigger wheels is more rotational mass..
For normal'ish road and light trail driving, you'll need to replace brakes more often (guessing 80% range of wear life).
Towing will be the same and maybe a bit worse.
For above, there will be regear (4.10 or whatever ford is) options. The motor is strong enough for 37s and 4.10s. You could comfortably go to a 5.x ratio if it's available. For suspension travel, it's about planning for the extra 2 inches of height/clearance. You would need a minimum of a 4 inch suspension lift up front and 2 inch in the rear. I'm still not super keen on 12.5" width tires but that doesn't mean they wouldn't fit and work well. You would need to replace the front bumper and lane keep assist, etc. May have issues depending on how far out the tire sits.
For moderate and higher off road, even with a regear, the stress on the axle could possibly become an issue. Not having experience with ford's parts, I may be wrong on this.
See what the Raptor 37 is doing with all if the above. That should give a really good indication as to what parts may need attention and how often.