A-tack nailed it prety well.
Although it seems I have seen that logic before, like in something I wrote.

Anyways, hanging out will depend on you.
Here are some pics of a '87 with a 3" body lift, lots of fender trimming and 285/75R16 (32.8"x11.3" tires.




If you do go with a suspension lift for 2" check out how hte lift is made. If it is a torsion crank, stay away form it. Check out Superlift 2" kit. http://www.superlift.com/suspension/gm/83-S10.asp

 

the problem is, the superlift cranks the TB's too.... it has new upper control arms also.... all of the 2 inch suspension lifts for the s-10 blazers crank the tb's..... even the superlift has a warning that says, not reccomended for off-road use. Because it will break things. If you go suspensions shell out the extra for a trailmaster 5" or some random 6" lift. The 2" suspension lifts are dangerous. if you absolutely have to have two inches of lift do a body lift, trim the fenders, and run 32's... this will buy you and extra inch or so of ground clearance..

 

my frame only showes about 4-5 inches if u are far away. being a black truck, i just painted it black and it blends in. 31's rubed bad for me with only 2 inch lift. just fyi. but i dont know how hard u will wheel it. i wheeled mine hard. thus the reason it bas sat for the past 4 months waiting for a new clutch.

 

Heres a 3" Body lift with 31 M/Terrains

 

Here's a good tire size calculator to compare tire specs and see what sizes are close.

 

Where did you ever find a 3 inch body lift? That would be awsome.

 

Trailmaster or Performance assecories, although I think they are the same company now.

 

Body lift or suspention lift, it doesn't really matter. All you want to do is put on lager tires. If you do a body lift OR suspention lift and dont get bigger tires, you wont have gained any ground clearance. I, personally dont like body lifts but they're cheaper to buy so if your on a budget it'll work.What people forget is articulation. body lifts dont do anything for you suspention perfomance , but they dont screw around with drive line angles either. A good suspention lift will give you more room to put on bigger tires ( Ground Clearance ) and performe better off road. Plus no one wants to see all that frame hanging down.

 

I am planning on doing a 2-inch body and 2-inch suspension lift. I don’t know what you mean Goat when you say suspension lifts don’t give you any ground clearance because the purpose of a suspension lift is to give you ground clearance.

 

He's saying that if you don't get larger tires you really don't gain anything. This is true for the rear of our IFS rigs, but on the front, you will gain ground clearance. For the older SFA trucks, you can lift the suspension to the moon, but if you don't put bigger tires on, you aren't gaining anything under the diffs.