If you're talking about the Bushwacker cut-out flares, then the answer is probably yes. You could go ahead and do the 4" suspension lift, cut the fenderwells and install the Bushwacker cutout flares, and see if you have enough clearance. The front tires will be the most problematic. Make sure you get it to full compression with the wheels turned each way.

If that's enough, then fine. If it's not, you can always install a 1" body lift later.

Another option is to go with a 3" suspension lift and a 2-inch body lift. The taller body lift means you have to watch more things during installation, but it also means a somewhat lower of center of gravity, and less likelihood of driveline vibration with a 3" suspension lift rather than a 4" lift.