[MagicRat]

The most important thing is to decide on use.

Is this going to be driven on road much, or strictly a weekend toy?

Do you want general off-road ability or strictly the mud hole?

With those parameters, you can pick a tire tread design and size. Then lift it.
IMO you only want to lift it just enough to provide tire clearance and no more. It's the tires that get you through the mud, not the lift.

I see guys all the time with more lift than is required to clear the tires. Generally the taller you go the more easily it'll roll over, which means less ability to work hilly terrain. Also more lift produces more driveline angularity problems, steering problems, suspension wind-up problems etc.