Interested in seeing where you end up with this and the coil-overs. I was going the lowered AWD route with my '99, but after getting the F-150, I'm having a change of heart. Was kind of already heading that way, but I think the newer truck solidified it.
In stock form the F-150 is closer to the street truck I wanted the Ranger to be, than I could ever make the Ranger (at least that one). On it I'm probably going to do something similar to what you are with the Ranger, slightly lower, better shocks, and maybe bump up to an 18" wheel. It'll never be an offroad truck, but having 4wd available is still handy.
Leaning towards taking the 99 back up for a hunting and offroad truck. Even though it would to be my "offroad truck", it's mostly going to be street, highway, and spirited dirt road driving like you described. Stock height would be fine, but I like the lifted look better. Since it's not my primary driver, I'm not concerned with sacrificing a bit of efficiency for looks. Probably end up on a RC lift with 33-35 inch tires and coil-overs. Probably just a 33, but I do like the way that they look on 35s in the pictures.
Probably going to do the big wheel thing on the F-100 too. Already got 16s and not going to go smaller. I'm undecided on going back stock or lifting when I rebuild it. If I go back stock it'll stay 16s and what ever size tire fits it well. If I lift it, it'll probably be 17s with 35s. These trucks just look good lifted on 35s, but they look good stock with big tires too. Probably shouldn't mess with it (including the rebuild), but I've been around the truck since I was a baby. I like it and want to keep it around. It needs something or it's going to rust to pieces.