Having owned 3 first gen 4runners, and one of them twice, I am a big fan. My wife has strict instructions not to sell my gold 4runner if I pass away, but it can go back to the guy I bought it back from or stay in the family. Anyway, a clean example like this needs to stay clean. Stock modified look all the way. It should make the unfamiliar eye not even think it has a lift. I like the period correct SR5 stripes, and I might even vote to do an SR5 conversion, but if not, then keep it as simple as possible.
The bumpers should look like they belong on the truck and not scream "Look at me!". Old school Smittybilt style, ala Marty McFly, might look better than a modern design.
Whatever you decide, don't cut this one up. If you want to cut up a truck, get one that needs bodywork already. That's my opinion. Carry on.