Nice truck. I have a soft spot for that body style as my last truck was a 94 with the 5.8. As an option for the suspension that is also cheaper, I installed Moog cc844 coil springs from an f350 2wd in the front of my 4x4 f150. Raised the front end around 2" and really firmed up the front. I also rebuilt my rear spring packs with extra leafs from an f350. Raised the back end and the ride was still good. With this setup, I was able to run 33x12.5x15 on 15 x10 wheels and only had to space out the front bumper. I also removed the rear 18 gallon gas tank and replaced it with a 32 gallon from a Bronco. The two tanks combined held 50 gallons which was great expedition range.
They are a good platform as parts are plentiful, cheap, and the technology is still simple enough to make DIY reasonable. Good luck.
FYI my extended cab had buckets with a folding console seat in the middle. Makes for a convenient compromise.