That's pretty much the standard cheap way of lifting Track/kicks. It's how I did mine.
92 Tracker: 2" home made coil spacers (1.5" in front), 3" home made body lift, some camber bolts from the local parts store, strut mount flip, and crown vic shocks, 15x8 wheels with 2.5" back spacing mounted with 31x10.5 Mud King tires.
Had to do a little trimming of the front fenders to be able to turn lock to lock. The whole set up works pretty well for such a low cost. I had to replace my front struts and I still only have about $250 in the whole lift (if that).
I also wanted to find out how much height will 1 1/12 inch spacers give to your rig...is it 1 1/12 inches or is it different??
1.5" spacers will give you approximately 2.25" of lift in the front, and a straight 1.5" of lift in the rear. The front is different due to the placement of the springs on the A-arms. The springs are obviously inboard of the ball joint and wheel,etc. Due to the fact that the A-arm has a fixed pivot point it scribes an arc as moves up and down. If you put a 1.5" spacer on the spring it is going to move the end of the arm farther down. The ratio that i was told to go by when I was researching my build was 1.5 times the length of your front spacer = approx. amount of actual lift. Thus 1.5"x1.5=2.25" or 1.75"x1.5=2.63", and so on.
Hope this helps you out...btw I'll try to keep you posted as to when I might be taking orders for spacers. And here's an attached pic of my tracker to give you some idea of what you can do for almost nothing. Note that the fenders were not yet cut in this pic.
