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#1:
Off the top of my head I don't think LT have any mileage warranty.
Different load ratings also.
#2:
I found the shock installation easy but it depends on your experience. Reaching around the gas tank and taking the bolt in and out is similiar to things I do at work everyday.
Just make sure those shock bolts are tight!! Or you will get a ton of rattling noises, air tools work good in this situation if you have access to them!! Also I got mine off of Ebay, prices were unbelievable, I got 4 for the price of 1..
I have P265/75R16 Revos on my 98 4x4 and they look and ride great. I don't think there is a difference in the appearance of the P vs. LT, just the number of plys. If you spend most of you time on the road and don't tow much, the P will be fine and is cheaper. If you off-road or tow, the LT is the way to go.
OE on my truck is 255/70R16 so I corrected the speedo by replacing the gear on the speed senor - about $12 and an easy swap. Later trucks require a computer adjustment.