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i would go with the body lift cause you can turn back from that unless you plan on replacing your fenders anyway.
Google "roadkill Baja truck". A good YouTube video will come up.On the show roadkill they take a C10 with a LS1 in it and make it a Baja truck. They cut the front fenders & remove the rear step side fenders. They bolt on some off road tires and race it against a Baja bug.If your truck is rusty, I say go go for it.