My buddy with the dark blue 4Runner has the V6 model, and went from the stock (31"?) tires up to approximately 34" tires without regearing. It still feels plenty peppy, and he regularly drives the upper range of highway speeds. He did loose a few MPG, he has all the details and I linked him to this thread. Hopefully he'll give you the straight info here soon.
I'm the guy with the blue V6 4Runner. The OEM tires are about 30.5" (265/65/17). I have about 33" (285/70/17) tires on mine right now. Nathan is correct that the stock gearing does pretty well with the larger tires. It has lost some of it's pep from a stop, but does fine at freeway speeds. I may regear as an adjustment, but I don't think it is necessary.
I used to get about 18.5 mpg and am down to about 16.5 with the much heavier 285 tires. I plan to go to 255/85/17 KM2s the next time around and expect to get a little boost in mileage.
From what I understand, the V8 gets nearly the same mileage as the V6, especially when you are running lifted and on larger tires. The 4.7L V8 2UZ-FE is a highly regarded engine they used on several of the Lexus models, as well as the Land Cruiser as well as in the Tundra and Sequoia.
There are quite a few options for the 4Runner suspension:
ARB
Standard Nitro Shocks
http://www.arbusa.com/Products/Suspension-Systems/Nitrocharger-Shock-Absorbers/31.aspx
The standard ARB setup is relatively inexpensive, and seems to be pretty good, though I don't know many people using them.
Nitro Sport Shocks
http://www.arbusa.com/Products/Suspension-Systems/Nitrocharger-Sport-Shock-Absorbers/128.aspx
ARB has the "sport" ones out either now or soon, and annecdotally they sound pretty good for the price.
Icon
Stage 1 (and others)
http://www.iconvehicledynamics.org/catalog/product_info.php?cPath=23_40_79&products_id=181
These are what I have, and I have been really happy with them. They have resi models available, but that is probably overkill for what our group typically does.
Camburg
2.5" Coilovers
http://www.camburg.com/?p=472
Camburg has a suspension setup that is similiar, both in design and cost to the Icons. I don't have any personal experience with them, but they seem to be well regarded.
Overland Warehouse
Full Suspension Kit
http://stores.overlandwarehouse.com/-strse-15/Suspension-kit/Detail.bok
These are relatively new, but have been well received by the 4Runner community. They are slightly more expensive than the basic Icon and Camburg setups, but not extraordinarily so.
Both King and Fox also have suspensions available, but they are more geared to mid and long-travel setups.
You can read about any of these in more depth over on Toyota120.com.
I am really biased, but I don't think you can go wrong with the 4Runner. There seem to be much greater options for building it up relative to the GC as well.