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My brother had a 92 f250 hd and he ran 36x12.5 swampers with a 3" body lift. He had to move the bumper out away from the truck a little to clear the tires when turning and they rubbed a little on the front leaf springs at full turn but only when turning left. He ran 16x8 wheels also. The truck definitley looked awesome with the big tires though. The 36's filled the fenders well even with the body lift.
That is about a 35" tire and you shouldn't need a lift at all. But, I would suggest using a 1"-2" lift for the front only. You know the kind most trucks use when they install a snow plow. This will basically level the truck out and you should not have any problems. No need to replace the shocks either. Of course this is said without knowing your backspacing on the rims.
I have a 2" add-a-leaf on the front of my truck and have 285/75R16 tires. They look great, but they hit the bumper alittle when four wheeling, either shim the bumper or cut a little off of it. I cut a little off and you can't even tell looking at the truck. I think you would need a 4" lift to clear the 315/75R16's if you use your truck off-road.