I forgot to mention, second gen (don't listen to haters, true second gen is '89-92
) is my favorite, I've had my '90 since '99, we've been through a lot and it's been through a lot of changes, I think the only part I haven't had completely removed is the dashboard and inner fenders and some of that underhood wiring... several engines, different frame, 4 rear axles (first swapped from the original 3.08 gears to 3.73's then frame swap 4x4 got me 4.10's then went to 5.13's in Explorer axles)...
Anywho, have fun and it sounds like you're trying things and that's great, not many people do stuff themselves anymore, if I get bored I'll see if I can find one of the posts 4x4junkie made about modifying that drop plate lift to be safer, I mainly wanted to let you know before you pierced the diff... you can lower the bump stop on that side to help it from happening but that's not a guarantee...
I think I have that rough country lift with a skyjacker passenger drop bracket, don't know, I got my lift for $500 on craigslist 13 years ago... I've beat the heck out of it, wrecked it, ran into a log lengthwise on the passenger side tire that bent the radius arm drop bracket, fixed all that and it's still going... I have lots of things on "the list" but haven't gotten that far yet.
That truck is an oddball, 8.8 in back, TK transmission when the M5OD was already in full swing, strange...