khyber's Stock tyre Size: 145/80 R-12 (profile = 80% of 145mm = 116mm)
OPTION 1: 155/70 R-12 (profile = 70% of 155mm = 108.5mm)
OPTION 2: 165/70 R-12 (profile = 70% of 165mm = 115.5mm)
So in my opinion you should go for 165/70 R-12 as it is closest to stock in term of profile of the tyre.
Smaller tyre than stock will result in better acceleration but less top speed. Speedo will not show the exact speed. lower ground clearance.
Larger tyre than stock will result in slower acceleration but higher top speed. speedo will be inaccurate. will not fit in the spare tyre space. lower fuel economy. higher ground clearance but suspension may need alteration or spacers.
Rims are related to R part of the tyre size. I mentioned only those sizes which are with 12" rim.
Go for Yokohama or bridgestone. I am using nexen in 165/70 R-12 for the last 18 months but they have recently lost their grip and became hard. Yokohama has the highest grip with lowest noise.
Dont know the current market trend and rates, so better visit nila gumbad and do a detailed survey for yourself and share the results here so we can figure something out for you.
Hope you will find a good set of tyres in reasonable price there.