184k mileage isn't too bad if the truck was well cared for. If it wasn't maintained worth a damn, then you'll be replacing a lot of stuff soon. There isn't really a list of things that go wrong by mileage, but it's like every other vehicle...the older it gets and the more mileage it has increases the potential for things breaking.
I imagine that being in Pennsylvania, you guys have road salt and what not to deal with in the winter, and if that truck has seen 16 salt filled winters, then you might want to give the underside a thorough inspection and see if you find anything loose or worn out.
I'm in the desert and my 94 was sold here in New Mexico so there's zero rust on it. As such, I'm not really an "expert" on what kind of havoc salt can play on these trucks.
At any rate, I think you should consider a suspension lift instead of a body lift. Body lifts are cheaper to purchase but usually far more labor intensive to actually install and they can introduce other complications, especially on vehicles with automatics. You can buy 2" lift shackles from Copperhead Fabrication for $39.99 + shipping and grab a 2" spacer lift from Daystar for around $129. There are other options, like the F150 coil seats for the front, but they're harder to find unless you can track down someone parting out a 92 - 96 2WD F150 or feel like roaming a junkyard. Conversely, Skyjack sells a 2" kit for $225 or so that includes 2" lift coils for the front and add-a-leaf for the rear. There are other options for lifts, but a spacer / shackle lift is usually one of the cheaper ones.