What's your current gear ratio? What trans? What bed style?
I also have an 01 Xcab 4x4 Ranger. It's currently bodylifted, suspension lifted, running 35's, 4.88's, aussie locker, and 5spd manual.
I ran the set up you are wanting to run for about a month or so...3" BL, 35x12.50, and I had 4.10's at the time. I maxed out my torsion bars, pulled my flares, and pulled my valence. In my opinion, no matter what wheel you go with, you are going to rub your inner fender at full left lock. I rubbed no where else except at full left lock(on the street). My wheels are 15x10 w/ 4" backspace. You will likely throw your flares and take your fender out with it if you have flares. Fleetsides dont take too kindly to oversize tires...shoot...i throw flares in my current double lifted setup.
For the street, the truck was IMO a perfect size. The 4.10's wern't too bad, but still not very highway friendly(dropped the RPMS too low to be even remotely close to efficient). I was definately not comfortable with wheeling it being only bodylifted on 35's. Definate trimming of your valence will be in store(I rub it being double lifted)
There are a few 98+ stepsides around the forum world running the bodylift and 35's with no real issues. The flareside fenders are bigger and dont have to deal with having flares...but still may suffer the inner fender rubbing and valence rubbing.
pics....