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The wide body is to put larger tires and or widen the rear track of the car without the tires sticking out.
Wider tires will provide added grip with more HP.
Lots of ppl put big numbers down with 315 tires under normal rear fenders too. There are a few vettes around with the LS3 or L92 engine putting out over 600 rwhp under with 18x305/35 or 18x315/30 tires under rear normal fenders
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You have to take into consideration the added rotating mass. It will cost you a small amount of horsepower (heavier wheels & tires).
In addition, you have to change the suspension to get the benefit of using the wider tires if you have the base suspension. You might get away with the Z51 suspension but I am not sure.
Wider tires not properly loaded may give you a smaller contact patch