I'm impressed to do that lot in your head, you should go on Countdown.
I think you're right though about manufacturer's probably measuring the tread width, which makes it more difficult to compare the old sizes with new as the old were probably crossply and had more of a balloon profile rather than newer radials which tend to have squarer profile sidewalls. So the old size 7.50 even though 1/2" narrower tread than a 205 - 8" is physically a bigger tyre. I agree with you that the 7.50x16 is about 2" taller than a 205/80R16. Instant 1" extra ground clearance, Yippee.