So I want to put a lower profile winter tire on and honestly dont see why it wouldnt be fine, but that dont make me right.
Want to swap from the standard 215/65 r16 to a 215/55 r16
I know this will drop the clearance about .75in. But will it bugger up the suspention and such by doing so?

 

Speedometer will be inaccurate - have you seen this conversion/comparison page?

https://www.tacomaworld.com/tirecalc...5r16-215-65r16

 

+1 on hoonk's point. wheel-size.com is a good resource to see what OEM wheels/tires fit your car. If you want to go with a lower profile tire for looks or performance, your correct choices would be to go to a taller rim such as 17s at 225-55x17 or a wider treadwidth such as a 245-55x16 (should they be available). If you go wider then you need to consider rim width for a proper tire/rim match and ultimately fender/strut clearance

 

Thank you both for the help