Plenty of good info for details on this forum, starting with the stickies at the top of this section.
Here's what I'd say have been the best bang-for-the-buck upgrades so far for me ...
Rear add-a-leaf -- 1" rear ride height and less rear sag for about $35.
Torsion twist -- add 1-2 inches of right height to the front, for free (except you'll need a new alignment, so call it $100)
Rear shackles -- add another 1.5 inches for $120.
RLC front skid plate -- absolutely don't off road without one of these. $150.
Factory gas tank and transfer case skid plate -- you can usually find them used around here for about $100 for both. RLC makes a transfer case plate if you can't find a Ford one somewhere.
If you're doing the AAL and shackles, toss in a set of performance suspension bushings in the back. Less than $50 for a much tighter ride.
Front tow hooks from the factory -- They are everywhere, and they're beefy. Maybe $50 used, and that's a high guess.
For a rear tow point, I really like the modified Reese hitch I'm running. There's a good thread on it here too. Maybe $150 or so.
And while you're playing around out back, you definitely want to toss a locker in there. I went with an Aussie lunchbox-style automatic locker, and love it. Lots of good choices out there. $350-600.
Toss in some homemade disconnects for the sway bars, and you should be set for a while. The next step up would be a PA 883 body lift ($180) to make room for some oversized tires, but just the tires and rims there will cost more than everything else laid out here -- and then you'll need to beef up that IFS, replace hubs and rear bearings and all that, so think before you leap there.
Of course, make sure to overhaul all the fluids and get some good brakes set up (maybe $200 total). I went with synthetic everywhere but the tranny and am happy so far.
Lastly, I got some solid power and added milage by tossing in some top-flight plugs and wires ($75 for it all). Too often overlooked.
