I'm a little more methodical about my mods. Before I did anything, I made 100% sure that every last Possible bit of maintenance was done. It's the boring place to spend money, but that 3" lift isn't going to do you any good when the LBJ fails or you find your trans is filled with pink milkshake.

Next I put importance on things that make a difference every time you drive... a 3" lift and bigger tires don't mean a dang thing if you're on your way to work or the store. TBU on the other hand, is useful Everywhere, all the time (though I don't find fault with the stock brakes, but I'm a slow and cautious drive).

Now, I'm not much into off-roading. As in I'm mostly hunting down camping and hiking spots off forest service roads that any vehicle can make it down. But my understanding is that lifts are mostly only a prelude to larger tires, but you can have the same effect with some cutting and welding while maintaining a lower CoG for more stability. That might be more for slow speed crawling though, I can easily see long travel being necessary for desert racing.