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With a space saver mini spare it's prolly fine, but with a full size tire on there is can and will create stress cracking at the mount points and at the latch point on the tailgate. That's what I've seen on second gen K5's with the same carrier anyways...and your first gen looks very clean so I'd say it'd be a good idea to either not use it or remove it.
Problem is the holes that'll need fixing if you remove it...
Here's what I did for my 35" spare. Slides into the receiver hitch and folds down with the pull of a pin like the bicycle carriers do. Works great. I can get better pics of it tomorrow when I'm at my other computer if you want.
What you don't want to do is have a tire carrier that mounts to the body and the bumper/frame. The body will twist independently from the frame when off road so you don't want your carrier to be bolted to both..one or the other.
Frame or bumper mounted is the prefered method....
I made this one...old pic but you get the idea.
I made it beefy to hold 35"+ tires....and I wanted it mounted high to keep the spare from hitting the trail on extream angles..
There are alot of different styles out there....
Good Luck
Here's the tire that was on my K5 when I bought it - I think it was a 33.
The guy had long all thread to secure it to the carrier. I still have the tire carrier installed, but don't presently have a tire on it.
I sure wouldn't worry about leaving yours on until you go to do body work and paint. It's been on there for more than 35+ years, if damage has been done, it was done long ago IMO.
For now, Im sticking with the stock look. Hopefully, I can find an original carrier. I searched craigslist, ebay, and the sites. I will have to keep my eyes open.
There's a guy up here that runs a vintage chevy trucks yard. He has them without the bolts that attach the tire. If you really want the stock kind, I can PM you the info. He can be pricy though. The stock version can fit larger tires, but the width needs to be under 10.5" . I elongated mine to fit 35x12.5 but I'm not in love with the enormous tire behind my back seat. I'm looking for other options.
I actually kinda like the stock 73-75 versions for stock size tires.
I ususally leave the spare at home since I don't drive far from home and can call my wife to bring it out to me if I get a flat. How's that for independance!
I might need that info, if you dont mind. I have a Pm out to another member who is said to have on for $75. I dont really know if that is pricey, a good deal, or what its worth.....?
ps. My tires are all 31 x 10.5, so I should be good with stock....