My Gwagen situation is much the same as Metric's; I run my Wolf around town and roll out my G550 for highway travel. If you're unsure about whether or not a Wolf is for you, consider that the 0-60mph time is around 24 seconds! Kinda like what you'd get with a late 70's VW Type 2 bus, if you've ever had the pleasure of that experience.
Stock tire size on a Bundeswehr Wolf is 225/75R16 mounted on 5.5" wide wheels. You do not need to lift a Wolf in order to fit 235/85R16 tires (but you should really have a 6" wide wheel for this size). I had this size of tire on my Wolf for a few months and the 2.4" larger-than-stock diameter does help with top speed. But I didn't care for what that size did to low end torque. I currently run 215/85R16 Hankook Dynapro MT's (1" larger than stock) and, at 60mph, my Wolf's ticking along at about 4100rpm. Fast enough for my purposes ...
Rorywg ... are you buying a UK MOD surplus Wolf? Do you know if they are specc'ed any differently than a Bundeswehr Wolf in terms of gearing and/or tire size?