Going off the picture in your profile, you have 4x4. If that's the case a 3" Body Lift can fit 33x12.5". That's what I'm doing right now, without touching the t-bars (don't believe 94's had t-bars, but I've been wrong before).
Anyway, with a 4" inch suspension you could fit 32"s real easy, but I don't see them as really a choice to be compared? Suspension is way better but probably 10x as expensive.
I got my PA Body Lift for about $150, took about 5 hours to put on (first thing I've ever really done to a truck, could probably do it faster now), and it works great for me. If you have the $1000-$1500 for a good suspension lift go for it! But I couldn't afford that when I got the 33"s so I stuck with a nice simply body lift.
1999 Ranger XLT -- "Project Unknown"
2010 Subaru Impreza -- "The Daily"