I say go with Suspension!
Cons of a body lift:
A body lift doesn't lift the frame up so you will end up getting high centered on obstacles. The body can come off easier in a wreck. It looks goofy. You have to move the bumpers up, sometimes modify steering shaft, stock suspension articulation.
Pros of body lift:
Driveline angles are same as stock. You can add larger tires & its east to install.
More room in engine compartment for a blower!
Pros of a Suspension:
Raises frame, more articulation, better ride on and off road, can add larger tires.
Cons of a Suspension:
Driveline angles... thats it...