Are you also considering a gearing change to offset the effect of the bigger tires? Current drivetrain with 3.73 ratio and a 2.3 litre gasoline engine does not allow a lot of excess capacity for running substantially larger tires. Fuel mileage and towing performance may not be priorities for guys who run much bigger tires, but there will be a fairly severe mileage loss trying to get bigger heavier tires rolling and stopping too.
Guess it just depends on what an owner wants to do with the truck.
No level or any other mods to truck's drivetrain. In fact the best mod has been a little $3 night lite to plug into the rear 120VAC outlet to stop the damned auto start-stop nonsense which bugged the crap out of me.
The leveled front ends do look a little better for sure. But I just can't bring myself to plow any more money into this thing. It runs and drives great, it's paid for, DONE. I put $65k into my 2006 dodge and lost it all when I traded it in (which I was a complete total dumbass for doing so BTW) and I just can't get into a repeat performance of that debacle. I ordered a custom carbon-fiber technical poling skiff for my salt water fly fishing, and just need a good reliable fuel-efficient tow vehicle for that. The Ranger should serve well for what I need it to do. IF I hit the lottery or something completely improbable like that, I might then think about leveling the front end some. Otherwise, just drive it and maintain it.
You will be limited to a 275 series tire without running spacers (due to interference issues with the spindle and UCA). From what I've seen.... folks have run up to a 34-35" diameter tire with a 3.5 and upwards lift. I would consider running spacers or buying wheels with more offset. I run a set of steel 3/4" spacers on all 4 corners with 2" front and 1" rear worth of lift. The little every negative offset does help tame the truck, when you add a little lift. Plus, you'll be able to run a wider tire with some more offset. You will also have to address the crash bars, if your lift kit did not include any.