I guess beauty is in the eye of the beholder. Personally, I like the look of a lower profile tire. Another benefit is that there is less tire roll as you speed through the corners with a lower profile tire. I understand about the speedometer though, mine is slightly fast by about 2 mph.The original tire size on my '86 Spider is 185/70R14 with a diameter of 24.2 inches. The Toyos have a diameter of 22.4 inches. I would think that 1.8 inches smaller would look worse (although the tires are lighter).
I see your point but I guess it is no more perilous than the guys who put the sport springs on the front that lower the chassis an inch and a half to level the car out a bit. I haven't had and problems with the sump so far. I have though always had a problem with the catalytic converter scraping when I go over abnormally high speed bumps.I was only recommending the Toyo T1-R, not the size used. I use them in the 205/55-15 size, which has a diameter of 23.8 inches - much closer to stock.
In addition to the other negatives mentioned, tires that are that much undersized will put your sump perilously close to the ground.