Rear load leveling is just what it is...there is a sensor located at the rear axle. If it sensed that the rear has dropped because of the weight, then the suspension will do its work when you're driving (it'll take a couple of miles in order to get it leveled).
ARC is Air Ride Control. It's a 4-corner air suspension system. It has ride sensors and it can adjust the height. The ride sensors is computerized so it can basically sense the road and adjust how firm the suspension should be. There isn't a switch for height adjustment. The 4WD switch is the switch that will adjust the height of your rig. Read your owner's manual and it'll tell you everything. When you switch to 4WD Low, it should raise 2" (I think), all four corners.
Limiteds and Eddie Bauers are the same, both are either 2WD or 4WD and standard ARC on Limiteds for '95 and '96, optional from '97 and '95-'98 Eddie Bauers. The only models that have AWD is XLT V8, Eddie Bauer V8, and Limited V8 models. ARC is optional on the V6 and V8 Limited and Eddie Bauer models up til '98 model year. In '99, Ford switched to rear load levelers.