Hi Muddyjames, i had a ford ranger which i lifted by winding up the torsion bars. Its very easy to do, you just turn the bolt on the underside at the end of the torsion bar and up it goes. I would recommend that you drown it in wd40 before hand and also count how many turns you do, so the truck sits even each side.
Not sure about long term wear and tear, but mine seemed fine for two years lifted by 1 1/2 inches and got used mainly for work and green laneing. I wouldn't recommend taking it up more than 2" as your front wheels will have too much positive camber (sticking in at the bottom and out at the top) and you may notice the tyres wearing unevenly. As for the back you just need some longer shackles, i got a welder to make me some up for a few quid. Then you may need to adjust the load sensing valve, but i cant remember off hand.