2wd with a locker in the rear can get you pretty far down muddy roads. I lifted my 2wd and don't regret it a bit. IMO a 4" lift is just enough to make it look like I think a truck should look without sacrificing gas mileage and street manners, plus as old as these trucks are I wouldn't call replacing worn out suspension parts a waste of money. I have a Jeep for wheeling, I just wanted a cool looking tow pig.
Please excuse the junkyard camo, getting her ready for fresh paint. Which would be pointless to do if she was a wheeling rig. FYI I used a 4" Rough Country kit, only around $500 shipped and that includes shocks, brakelines, and a steering stabilizer.