I had a body lift on my 2nd Gen in combo with a front level and ran 35s. It was the third truck I had put a body lift on.
I decided to try a suspension lift on my 3rd Gen. Out of seven full size, 4x4 trucks I've had in my life it's the first I did a suspension lift on.
Now granted, the 3rd Gens are IFS (so it sacrifices strength for ride quality, IMO), but the suspension lift is dramatically different off-road. With every BL truck I've had I could pretty much brace myself to be bounced around the cab when working around the farm, fishing or hunting. Not so with my current truck and the suspension lift.
If you can afford it, go suspension...