Make sure you look at the fire wall requirements and assembly, many assemblies require studs at 16" o.c. max as well as there is a reduction in strength per footnote m of table 721.1(2) in the IBC. Additionally there are requirements of le/d which tells how to apply the reduction (in some cases you may have to "increase" the height of the wall to check compression, but not bending because of these ratios)- the newer building code appears to have addressed this though. I believe there is also an upper limit of 50 for le/d per NDS.
As noted above, plates become an issue, I have had to use engineered lumber and even 3x plates occasionally to handle crushing as well as if the studs don't stack or have a load path that puts bending on the plates.
Another concern is shear walls, make sure you aren't using a sheathing materiel that requires 16" o.c. max or taking the increase in strength for 3/8" sheathing when spaced at 16" o.c.