The setup I run consists of a 2" 4-Crawler body lift (around $200 w/ poly bushings and assorted brackets), 2" Rancho add-a-leaf (done by previous owner to get rid of rear end sag), and 33x12.50s on 15x10 rims. It has proven to be a very capable setup. I just added a rear aussie locker this last weekend and it is quite a world of difference. Plus, it hardly makes any noise.
I would have to say that if you are going to daily drive your truck this would be a good setup. If you have some extra cash you might want to thow down on a selectable locker to save your tires a little bit. I don't think it is necessary to put 1,000+ dollars into an IFS lift kit that won't give you much more of an advantage. It's really easy to build a DD/expedition truck for not a whole lot of money.
(Sorry the pics I'm posting are a 1st gen. but it will give you an idea of the setup and what it can do.)