Hanger is a 1" drop, combined with a 5.5" shackle should net about 1.5" lift. Stock steering should be fine. Long travel wreaks havoc on J-arms. Crossover steering's recommended for reliability and minimize bump steer. A little more spring lift is usually need to clear crossover though. Might not even have to lengthen the front driveshaft. If the brake lines are too short, lower the mounts on the frame.
What are you planning to use the truck for? Future plans?