If I had your truck, this is what I'd do, if $ wasn't a factor on buildup:
1 ~ 4" lift
2 ~ 35" tires (37" might have to massage fender wells)
3 ~ Cross over steering with power steering & IFS steering box
4 ~ Duals with twin sticks
5 ~ W56 trans with 4cyl gear t-cases (if you can find a R151F tranny, it has a lower first gear, and is the strongest tranny)
6 ~ Lockers and 5.29 gears.
7 ~ Rock sliders and a cage (some guys like a cage better than a exo just for the weight difference) front or rear bumper if you want.
You would pretty much have a very capable wheeler with this setup.
That's a pretty good list. If you wanna do it cheap(er), look up RUFs and F150 springs. I'm not really a fan of the Chevy's. Again, that's personal opinion.
The hardest thing you'll encounter is figuring out what you wanna believe. Some people swear by a mod and others are blatantly against it. It all comes down to what YOU want. Research will help you decide what YOU want based on the opinions of others.
Keep throwin' questions, mayne!!!