I'll agree with 88hurstolds and hurstolds on this one. As already mentioned if you're running a taller tire or wheel, it is going to take more torque to turn the wheels. So if you have 3.73 gears and are running wheels in the 20' range, then your 3.73 ratio is going to feel more like a 3.55 or even a 3.42 ratio. Perfect example of this is in my father's dodge dart. He has a 3.91 posi and is running a 15x12x32.5 tires in the back (tubbed of course). Me and him have both agreed that the car acts like it has a 3.73 ratio in it based on the acceleration and overall top speed.
Lesson here is yes wheels effect acceleration, but as far as power you might as well act like a tuner, throw stickers on your car, and think you got 50hp out of the deal. Again, I don't see the "practical" basis for having wheels that big, but I'm sure guys with big wheels sit there and ask "why do you need that much power?". Had a friend of mine with a mid 60's caddy with 28's and air ride suspension. I like the enginuity in his car and the comment out of his mouth when he looked at mine was "You look like your trying to get somewhere in a hurry"
Lesson here is yes wheels effect acceleration, but as far as power you might as well act like a tuner, throw stickers on your car, and think you got 50hp out of the deal. Again, I don't see the "practical" basis for having wheels that big, but I'm sure guys with big wheels sit there and ask "why do you need that much power?". Had a friend of mine with a mid 60's caddy with 28's and air ride suspension. I like the enginuity in his car and the comment out of his mouth when he looked at mine was "You look like your trying to get somewhere in a hurry"