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Yep, those wheels/tires will be alot heavier than stock, which will waste more gas. You will probably have to re-gear the rear end and recalibrate the computer for proper shifting.
You will lose some milage, But I know you will like how tough your truck is going to look. I have a 99' with a Fabtech 6" and 35" tires. Its a great lift.
the only problem I have is, My truck is the sport package and it has the 8.8 inch axle. It's a little weak for my taste but it does fine. Milage really didn't change too much believe it or not.
I did my lift by myself in my drive way. It took about a day and a half. I would suggest the same for you to save some money. Its not hard and specific directions come with it. Good Luck