Go with suspension first. Your tires are fine and IMO I'd rather get the suspension out of the way since it will be the most expensive and time consuming aspect of the build. Just run the tires you have since there is still tread and work out all the little things about LT (fenders, gusseting, new cv's, brake lines, ect.) Better to deal with all of that now and while you have some cash before sinking all of your money into tires and gears and holding out on LT for a few more years. It will be a lot of work and I'd rather get that out of the way and running right than trying to do it while dealing with 35's. Remember you can sell your Toytec coilovers, Camburg UCA's, and stock CV's for a good amount to recoup the cash (about the same amount as the tires). Also since you live in AZ I wouldn't worry so much about a regear. There aren't as many hills as CO and you should be good for 9 months to a year without gears.
, I would go LT. Then spend some time and money dialing in your suspension before you get gears and tires (you will have to address the rear suspension). Running LT with 35's isn't going to be easy, this will give you a chance to have fun with the 4Runner and make up your mind about the next few stages of the build.
