Picked up this '07 SR5 just over a year ago and have been slowly gathering parts. This is my daily driver and although I def take it off-road at least a few times a month, I didn't want to do anything super extreme...not yet at lease.
First up, 3" OME suspension lift (Front: 884/90021 with SPC UCA's. Rear: 895/60004) which was followed shortly after with some Rad Rubber splash guards since the original guards disintegrated during the suspension install. Next up, TRD Pro wheels which I found for around $160 each from a Toyota parts wholesaler in Ohio. The last piece of the puzzle (so far): BFG KO2's in LT285/70r17 (load range C 116/113Q) which I just had installed yesterday.
Aside from the lift, the only thing I did in prep for the 33's was the fender liner mod and removal of front mud flaps. No rubbing anywhere at all during normal driving, even at full lock left/right in both forward/reverse. The only place I get a slight amount of rubbing is the outside of the front bumper when I am driving downhill and go over a big bump or curb. After you do the fender liner mod, there's a tiny, sharp flare in the bumper that needs to be dremeled off....simple fix.
Very happy with how everything turned out!