Well, I can tell you it's harder to find cheaper "used" parts for it than a 1st gen..

I installed a sonoran 1.2 lift on mine. Love it. I put the budbuilt on the front which seems to be making everything hotter.. I lost my carpet to a mud hole some time ago, so no insulation on the floor boards probably don't help much. Truck runs great, love the engine and trans.. I have broken two Ring Gears which sux, but I am fairly sure I have that all figured out. My next move is regearing, I want 4.88's front and rear... but thinking about the expense makes me want to wait till I SAS the front... but lately, I have been screwed on the money. I just don't have any!
3rd gen will be more expensive to "trick" out for wheeling than a 1st gen runner..
Start with a lift to improve clearances.. you can just buy one for 1200 (what I did) or so.. or you can slowly piece it together yourself (Mauzer did this). What tire size do you want to run should be your first question. My Build is also to the left like Mauzer's if you haven't figured it out yet.