My opinion is if all you're going to be doing is driving on the street with an occasional trail ride, go with the body lift. It's cheap, and probably only a little tougher to install then the suspension lift.
If your truck is going to be on the trail a lot (not mud bogging, but some real trails) and you think your suspension needs a little beef up, then go with a suspension.
If you do the body lift, get some gap guards, or make some yourself:
1992 Ford Ranger XLT 4X4
Stock tires, blown engine, aesthetic accessories.
2005 Chevy Silverado 1500 ex cab 4X4 Auto
4.8 V8, No options, other than AC, Four Door
Kenwood CD/MP3/WMA/USB and Sattelite Radio Ready Head Unit, AEM Brute Force CAI with a K&N cone filter, 33X12.50/17's