I'll check when I'm on GT7 later but I think the overall dia is constant, it was in previous GTs anyway. Basically if the car holds the same speed for the same gear and revs, before and after wheel swap, the tyre diameter is unchanged. Daxus' video has shown this.
Total tire size can be back calculated from road speed, gear ratio, final drive, and engine rpm.
Eg (made up example) if you're doing 200 kph, engine is at 6000 rpm, in top gear of 0.8 ratio, through a FD of 4.0.
Wheel revs = 6000 / 0.8 / 4.0 = 1875 rpm wheel.
Wheel revs per hour = 1875 * 60 = 112,500 rph
road speed metres ph/wheel rph = 200,000 / 112,500 = 1.78 metres circumference of tyre.
Divide 1.78 m by pi gives 0.57 m dia, which is 22.4 inches.
So if the game does all this off a 17 inch alloy then you know there's 22.4-17 = 5.4 inch of rubber or 2.7 inch on each side of the wheel.
Also with the total tyre dia being 0.57 m in my example, that's 0.285 m radius which is your effective lever length for turning the axle torque into tractive force on the road, which is helpful to know for your other calcs.
The PP changes with wheel size, so I'd expect some grip differences (due to sidewall stiffness) and/or rotational inertia differences. Daxus said it felt different on the smaller tyres which makes sense.
Alloys don't show a reduced car weight in GT7, but ddm said in the special parts thread that the carbon prop shaft changes propellor and wheel rotational inertia properties so it looks like these things are modelled. Maybe the wheel size changes the inertia too.
A difference in the quarter mile stats could confirm this, if it updates them (albeit if the tyre grip changes too, you'll never know which effect, grip or rot inertia, was responsible).