IIRC the info on Hidden Hitch's website is incorrect, seems liek it lists same model receiver for '87 4Runner and trucks. I know this is not correct b/c I ordered one, and it will not fit on my '89 Runner (same as '86-88).

I ended up making (well, having made, didn't own a welder at the time) a bumper/receiver pretty easily, similar to Roger's above.
No body lift (at the time). mine is 2" tubing that slips into teh frame rails, then comes down at a 45deg for about 6", this then attaches to a 3x2 cross bar that is teh bumper w/ an integral in thr center (again similar to Roger's above). If you wanted to keep the stock bumper this could work by just going below it.
BTW, if the hitch is made to come out of the frame rails and down at an angle liek mine, then the spare tire is no problem (esp if you ditch the OE bumper). A 32" tire fits in there no prob like this, and if my measurements are right even a 34x10.50 will... but it will be hard to access the lift mechanism w/ the handle tool.