No that's not how it works and you're missing the point. In order to achieve an equivalent size contact patch a spherical tire will have to deform more than an equivalent cylindrical tire. With current materials this means you'll have to run it at a lower inflation pressure in order to achieve the necessary deformation, leading to all the problems described above.

Yes, it is. The forces must all balance exactly.

> a spherical tire will have to deform more than an equivalent cylindrical tire

This is true.

> With current materials this means you'll have to run it at a lower inflation pressure

This is not true. Yes, the strength of the rubber plays a part (adding to the effective PSI), but not a large effect unless you are almost flat.