Mine is lifted 4" and I run either 315-70R17 BFG AT's in the winter or 35-12. 50R17 MT's all summer. Why? Ground clearance and excellent Approach and Departure angle, and it looks good

I still busted out the front air dam, and have dented my tail pipe, but nothing else ever drags, now, dented rocker panel was the final straw leading to the lift.
I use a Desert Fox, un-modified, and the hitch ball is even with the receiver height, no drop, and dead nuts level. The Desert Fox is usually loaded to 8800 lbs and frequently loaded to near 11,000 and tows perfectly without waggin' the big dog at all. Yes, you can tell you are perched on taller tires and there is some wander because of it when loaded, but very little.
I selected and set up both GN Horse Trailer and Flatbed GN for clearance and have over 8" bed clearance, and dead level.
Would I tow a fifth wheel with this rig? Probably not.
I have no complaints. Yes, I shift to 5th gear (3. 73's) when loaded, it runs cooler with more power and the mileage is fine, its actually more efficient than would be 4. 11's in 6th anyway, and the shifter stays clear of the big 64 ounce slurpy cup.
Is it overloaded at times, yes, overworked, never, legal? Sue me. I bought my truck to work and work hard, it just happens to look good while doin' it.