I've seen lifted 2wd and lowered 4wd vehicals. If you build for ' purpose ' and not ' Glam ' ( the new ghetto word is ' bling ' ), more encouragement to ya.
I can say ouright after filming Johns 2wd being less then 10 feet when he went thru the ' Hazing ' in Centralia, it was VERY impressive. I would hazard a guess ( Please don't take this wrong folks ) there were others with 4x4's there that said ' Im not even going to try it ' .
I dropped my truck, yet kept it functional/purposeful. Theres nothing wrong with ' glam ', but I like function. 2wd CAN be a VERY functional offroading means if built correctly.
I have a lifted 2wd and i say go for it. Right now i have 5" of lift and 31's and soon i wil have 8" of lift with hopefully 38's. I've already got the rest of the lift just need to save up for the bigger tires. But i am going for looks and not functionality.
ive got a 2wd 4cyl with a 5.5 inch lift. i love it. the only down side is now i want more . not only does it look great, but it does pretty good off road. i havent had it in any real mud yet, but it does great in sand and gravel.