I had no rubbing issues at all and I didn't have to move the cable mechanism. I just cut it off one of the forward tabs that held the stock 31 in position. That was for an 93 4 runner that came stock with 31's, no idea how that changes with year.

I would hit the spare occasional coming off something steep but it didn't seem to hurt anything. I'll try to find an old picture, I no longer have 33's or a panhard.

 

I finally decided that my 3.slow wouldnt be sufficient to push 33" tires without regearing. Its bad enough as it is. My bald tires and a jagged piece of metal laying on an onramp forced my hand - I got myself some stocker 31x10.5r15 procomp xterrain tires for my 4runner and I'll make due until I wind up finding some junkyard 4.88 3rd members.

 

check this place out, I found this hitch mounted tire carrier. I'm probably having one made (or just looking further til I find the perfect one) but if I were putting a spare tire out back anymore, I'd seriously consider this. Even if it is a little bank-breaking. still lets you use the hitch, thats pretty cool.

http://www.truckcandy.com/TC/TireGate/HitchGate.htm?source=gaw_hitch_tire_carrier_b

 

I think I came up with a better idea: any opinions?