Hello! Looks like i am just up the creek from you in Toutle Wa. I used to have an 02 Ranger which I installed a 3" body lift on, so i can at least speak to that:
The 3" kit and a simple torsion bar crank allowed me to run Cooper STT 33 x 12.50's! (a fantaaastic tire btw, especially when compared to toyo mt's). A body lift is not too difficult to install, but maybe harder, or more annoying than you'd think (that is if you are planning on installing it). Mostly typical tools: sockets, wrenches, screwdriver, cheater bar..you will need torx sockets for removing the bed and the seatbelts/jumpseats. You will also need a Jack or two tall enough to reach the bottom of the body to lift it up and put the new blocks in. I think i used a floor jack with some 2x4's, which isn't recommended but you can decide what to do to get the job done. Overall, an average mechanical aptitude, and a good amount of ambition.
*You will need to extend the shifter since it is a manual, no way around this. I believe the steering linkage also needed to be extended. These parts were apart of my performance accessories kit so no worries.
Issues with the body lift: No major functional issues, no dynamic mechanical pieces are being changed except the steering linkage and shift extension, so its sort of a benign lift method. However make sure to have the truck aligned immediately after. I burned through a brand new set of BF goodies for this reason. Make sure to get the distance between the cab and bed right when tightening your blocks..i didn't and hated staring at that. Also, the bumper brackets are of low quality. Be careful not to over torque on the studs or they will break.
Overall a body lift is considerable cheaper! Its a great way to clear 33's, at least for me it was. No adverse qualities, as long as it is aligned. If your front end sits level now, then you won't need to even touch your torsion bars. If not level, be careful in cranking that you get the same amount on each side and that you don't over crank! There is such a thing as tooo much torsion. In general, newer rangers wheel wells accommodate for a large tire size.
While happy with a body lift, I always did regret not just saving up for a 4" suspension lift. I for one consider body lifts an eyesore, and there is no improvement other than tire size.