This x2. Get the suspension (bushings, idler arm, etc.) in good order and buy a good quality set of shocks. You will be happy. Mine went 250k miles like this with no issues. Chevy 1//2 ton IFS doesn't like wheels with any offset other than stock. It will cause problems with hub bearings and front end in the long run. If you travel in remote areas and have the push button transfer case, learn how to pull the shift motor and manually engage it with a wrench or carry a spare shift motor assembly and switch. Both are easy to change, but will leave you in 2wd if they go out. Before going out, clean the underside good and learn the bolt locations for the shift motor assembly. They could be hard to see if it was covered with mud. I bought these spares at a salvage yard for $95. They take up little space.I wouldn't lift it then, just build up what it is there and beef up the ifs. Run the tallest tire that will fit.