Body lifts are OK. A lot of people don't like them -- mainly because you put more stress on the body mounts by raising them 3" -- especially if you have rusted out truck -- but mine worked great for years of wheeling.
The BL is the fastest, easiest way to gain some tire clearance.
By the way, getting WAY up in the air is not needed for real off-roading. In fact, it makes the truck way too tippy. Lift it just enough to clear your tires, and cut away the sheet metal that is still in the way. Keep it low and let the tires do the work.
On a 92 Explorer, I'd do the following in steps:
1. Remove or make disconnects for the front sway bar. Cost = $5.00 for hardware hitch pins in 1/2" size. Drill out two holes and slip in the pins -- done. This allows much more travel in the front end.
2. Remove the rear sway bar. Cost = free. This allows for more rear travel and flex.
3. Remove the factory overload spring (the big flat one under the spring pack) on the rear springs and replace it with a generic full-length overload spring from Auto Zone or Pep Boys. Cost = $30.00 for the springs, $5.00 for new center pins. Soak the U-bolts with PB Lube, tap with a hammer to start the penetrating action, then loosen one side at a time. Remove the center pin on the leaves (they will then be loose -- have a friend to help). Stick a new center pin in, tighten the leaves together, then stick on the overload beneath them and tighten the U-bolts back down. This allows for more flex in the rear suspension.
4. Add longer rear shocks (4" lift shocks work good). Cost = price of shocks, from $25 to $100 (or free if you can find take-offs). You will need the extra length to make sure that the shocks are not your limit straps.
5. Add F250 front shock mounts to the front end in place of the stockers. Cost $30.00. Cut off the half of the spring perch that is the shock mount on the front suspension. You can do this with a cut-off wheel or torch (or even a hack saw or sawsall). Bolt on the new shock mount (watch for lines inside the frame rail). This mod allows for much longer front shocks that will give you about 15" of front axle travel.
6. F 350 Superduty front brake lines. Cost $50. This allows for maximum front travel without tearing lines. This MUST be done with the F250 shock mount mod.
7. Longer front shocks. Use the catalog and find 15" stroke two-eye shocks. Cost $25-$100 depending on shocks (or free take-offs). This allows for maximum front end travel.
8. Longer shackles for the rear springs. Cost $15.00 if you make your own -- $50+ if you purchase. This allows for a bit of rear lift and more articulation. Make 2" longer than stock.
9. 1975-1979 F150 coil springs. Cost $20.00 (salvage yard find). These are softer and flex much better than factory springs. They will not give lift, but they will give travel. Add a coil spring seat from an F150. Cost $30.00 to gain an extra 1.5" of lift.
10. 3" body lift. Cost $100. This will allow you to move up to 33" tires with the above mods. Otherwise, you can run 31" tires and have more travel than most Jeeps and other 4x4s you will run with.
Other modifications include moving the air intake to the top of the hood to stop the problem in filling the factory air box with mud and water. Cost $30.00. Use eBay cheapy hood scoop, and RV flexible plastic hose. Also works as a power adder.
Bumpers/skid plates/sliders. Find some water pipe and a friend with a welder. Go nuts. Cost = materals -- typically almost free if you scrounge around.
Total cost to build a truck capable of doing 80% of the off-road trails in America? Under $500. Deliver a few pizzas and get building.
I am pretty auto savy, but do not know too much about where to look or how to do some very inexspensive (I mean poor Alabama boy) suspension and/or body mods/lifts to make ol' eddie more off road capable. I would love to throw some 33x12.50's under it, but gotta think dollars and I do drive it 250-300 miles a week when its non-biker weather. I am open to sugguestions! thanks!!
