Yes, the difference in speed is the same as the percentage in difference in tire size. A tire that is 10% larger means your speed is 10% off. Not just once, but across the range of speed. It's 10% off at 10 mph, 10% off at 40mph, 10% off at 60mph, etc. The odometer is off. The shift points aren't the same either. Maybe not a big deal, depending on the difference in size. My tires are almost 10% larger. It shifts pretty well, but now cruising through town overdrive is coming in way too early. I haven't had the PCM reprogrammed yet for the difference-but when I do it should make it shift more appropriately as well as correct the speedometer and odometer.
Again, there is more to a Z71 than tires. You will achieve a slightly taller stance with a taller tire, but you are going to sacrifice the fender well clearance as well as possibly rub.
What tire size is on your truck now?